In the business world, whether you are a small business or a global enterprise, cyber security and protection from cyber attacks for your staff and customers lies with you. A daunting task? No doubt! No one is immune. Cyber attacks threaten organizations daily, and if your company is not vigilant it may be besieged by any number of IT attacks, costing time, revenue or loss of trust by your stakeholders.
According to the 2016 Cost of Data Breach Study by Ponemon,
- The average TOTAL COST of a breach is $4 million - up 29% since 2013
- The average cost per record breached is $158
Why are costs continuing to climb?
- 48% of breaches are malicious attacks... which cost more to remediate
- Costs due to lost business are higher... and churn rates increased by 2.9%
The cost of detection and escalation is growing. Will it happen to you?
- 26% is the likelihood of a breach happening over 24 months
Savvy organizations are taking steps to hold down the costs
- Appointing a Chief Information Security Officer saved $7.00 per record
- Involving Business Continuity Management saved $9.00 per record
- Participation in threat sharing saved $9.00 per record
- Extensive use of encryption saved $13.00 per record
- An incident response team saved $16.00 per record
And, as the frequency of cyber-attacks and data breaches grows, the failure to have a plan of counterattack for your company is not an option. Instead, according to AJ Agrawal, from Entrepreneur, businesses must be prepared and responsible when it comes to protecting themselves from hackers. With general awareness and education that teaches the best practices, your organization can be prepared to help make certain that you are cybersecure. As a business owner, one rarely thinks about the threat of cyber-attacks day-to-day, but when one happens to the businesses the result can be catastrophic. By making sure you have these basic security tips in place now, you can save yourself from a lot of preventable headaches down the line.
Source: https://www.entrepreneur.com/article/289680 By AJ Agrawal
Source: http://www-03.ibm.com/security/infographics/data-breach/ 2016 Cost of Data Breach Study: Global Analysis from Ponemon Institute
Summarized by: Rupal Talati.