Has your business been the victim of cybercrime? At this point in the digital age, it’s likely – or at least, that you or one of your employees has felt the wrath of a cyber-attack.
If you’ve experienced it firsthand, you’re more than aware of the costs of a cyberattack – in 2017, cyber-attacks costed US enterprises an average of $1.3 million, and small businesses and average of $117,000. With all the talk of cyber-crime in the news lately, you might think cyber criminals would lay off while the iron is still hot.
If that’s what you thought, you’d be wrong.
Data Breaches Are Costlier Than Ever
According to the 2018 Cost of Data Breach Study, the average cost of a breach has gone up 6.4% since last year – a trend that’s been growing steadily since cybercrime has become a mainstay in internet culture.
As cybercriminals become more adept at working around security, breaches become more severe – and as such, businesses are more likely to end up the victim of a mega breach, which can end up costing enterprises hundreds of millions of dollars in damages.
Cybercrime is more prevalent than ever before – from DDoS attacks and phishing scams to all-out cyberwarfare-level interference. If your organization isn’t prepared, it’s going to cost you.
Increased Attacks Mean Increased Security – And Spend
One of the reasons these mega breaches get so expensive is that they go on for so long – one study found that the average timeline for a mega breach is over a year. That’s a lot of information lost, and a lot of damages to cover. Not to mention the loss of customer trust you may lose with an attack – which could end up sending them to your competitors.
This means stopping these mega breaches should be a priority for all organizations of any size – and that begins with better cyber security. Sadly, more security is generally going to cost more. Not having that security is a major risk, however – and only a third of organizations feel they have the adequate protection they need to stay safe in 2018 and beyond.
It’s the cost of doing business in 2018, however. Cybercrime costs business across the globe an estimated $600B annually, and the rate of cybercrime is on a steady rise as more criminals turn to the web to partake in their deeds – which means business leaders are going to have to increase their cybersecurity initiatives to keep up.
Cybersecurity Is Increasingly Complex
Business leaders that think they can get away with a simple “firewall” and antivirus software and be secure are risking disaster – a comprehensive cybersecurity plan is going to entail a lot more complex than a quick monthly subscription. Luckily, that doesn’t have to cost enterprise-level fees.
At NENs, we have years’ of experience implementing and managing customer cybersecurity initiatives, from the smallest operations to medium-and-large sized businesses. Our team of cybersecurity experts can ensure your data is safe and your team is properly trained on cybersecurity best practices – and we’ll be ready at a moment’s notice if an attack does occur.
Give us a call today to learn how we can get your cybersecurity program up-to-speed with 2018’s threats – and beyond.