Is your company prepared for a data loss? Can you afford to have a data breach loss?
Close to 40% of small and medium sized business do NOT have an incident response plan in place for responding to data breaches and cyber attacks per Ponemon Institute’s 2019 Global State of Cybersecurity.
Data breach losses are not just loss of data but also likely loss of the company’s reputation, financial loss and often results in closure of the business. Let’s look at some data breach loss statistics . . .
- Ponemon Report 2019 shows the average cost of a data breach at $3.92 million, average time taken to identify and contain a date breach is over 9 months, 279 days to be exact. A breach lasting under 200 days, typically cost $1.2 million less than one with lifecycle over 200 days. So, the shorter lifecycle of the breach, the lower the financial loss. In 2014 average data breach costs was $3.5 million, therefore data breaches showed a 23% growth between 2014 and 2019.
- The average cost of data breach in 2020 will exceed $150 million per Juniper Research
- Time is Money . . . an hour of downtime costs $8000 for a small company, $74,000 for a medium company and $700,00 for a large company. 43% of companies never totally recover per Datto
- Ponemon’s 2019 Cost of Data Breach Report also show malicious attacks are leading cause of breaches, just over 50%. While system glitches and human error closely splitting the remainder.
- New to the Ponemon report in 2019 was examining breach costs over several years at 86 organizations. As expected, the majority of breach costs occur in the first year after a data breach, but about on-third of costs are incurred more than a year after a breach.
So, can your business afford a data breach loss? Time for an incident response plan! CIT is here to help . . . don’t gamble with your security.
Penny for your thought . . . hacker attacks take place worldwide every 39 seconds, affecting one in three Americans each year – the non-secure usernames and passwords we use give attackers more chance of success per University of Maryland, A. James Clark School of Engineering.
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.
Contact us to learn more and let us show you how good I.T. can — Don’t Gamble With Your Security