cost of an incident

What’s The Cost of an Incident?

There are many different factors that go into determining what the cost is of a potential security incident, however generally speaking it’s never cheap. Read below to learn how much an attack may cost you business.

What’s the Cost?

When it comes to determining the cost of a cyber attack you can’t just think about the monetary value. In addition to financial stress a cyber attack can bring a lot of negative press to your business as well. While monetary loss is calculable it is impossible to truly now how much your reputation will be impacted by a breach. You will most definitely lose your customers trust if they believe their data is in danger.

Physical Threats

In addition to cyber attacks, physical attacks such as insider threats or workplace violence can completely destroy a business. Physical threats can result in a 20-40% employee turn over rate as well as an average of $500,000 in court settlements. Protecting your servers as well as your employees is just as important. Physical threats can range anywhere from vandalism all the way to natural disasters which is why it’s important for every company to have a business continuity plan.

Cyber Threats

Cyber threats such as ransomware or malware can be extremely detrimental to your business in many different ways. Only 35% of small business could remain profitable for more than 3 months after loss of essential data due to a breach. What’s even worse is that more than half become unprofitable within a month. While the financial loss can be astounding we cannot forget how detrimental these attacks can be to your reputation as well. What client would want to trust you with their data if there is no guarantee it won’t be safe. Securing your business from cyber threats can bring peace of mind for not only you, but your customers as well.

The Conclusion

Overall we can gather that any security threat can potentially damage your business and your brand beyond repair. When it comes to cyber and physical threats it’s important that your business is secured and prepared in case of an incident.

This is where CIT can help! Let us handle your security and give you peace of mind for you and your clients!

Assessment Dashboard - Cost of incident
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CorpInfoTech (Corporate Information Technologies) provides small to mid-market organizations with expert I.T. services including compliance assessment, cybersecurity penetration tests, and comprehensive business continuity planning services. Corporate Information Technologies can help organizations, quantify, create, refine, and mitigate the risks presented by business threatening disasters in whatever form they may be disguised.

Written by Michael Honrine

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