Loss of revenue
Businesses that experience a data breach end up losing revenue. When a security breach occurs, companies must hit pause, losing precious time and revenue. Lost business costs accounts for 40% of the average total cost of a data breach. Significant revenue loss because of a cybersecurity breach is common. Sixty percent of small businesses that are victims of a cyberattack go out of business within six months.
Depending on the type of data that was lost, GDPR and data protection related fines may result in further loss of money along with customer compensation.
A data breach caused by a cyber attack such as ransomware would leave your business in the dark and without any data to operate. No data and no access to your critical business systems would result in your team being unable to carry out their jobs and customer frustrations if they can’t get hold of you or you are not carrying out the required services and support.
Rebuilding broken trust and damage to brand name after a data breach can take years. In some cases, some organizations may shut their doors permanently, which is the case for 60% of small businesses. It can take years for a small business to recover from the financial and reputational losses associated with a cybersecurity breach. Additionally, diminished brand reputation and increased costs concerning debt financing are not covered by insurance.
How can you help prevent falling victim to a cyberattack?
Implementing robust cyber security services and support is an important layer of protection. From an effective firewall, email security and endpoint security on all your devices, ensuring you have a solid cyber security approach is essential.
If you don’t have an in-house IT team, it is important to discuss your IT roadmap with your outsourced IT Support Provider. This will ensure you are getting the most secure and effective cyber security support for your business needs.
Disaster recovery and Business Continuity
Another important layer of protection is having a plan in case of the worst-case scenario. A disaster recovery solution will empower your organization to bounce back in case of loss of data. You’ll be able to recover your most recently saved data and proceed to operate, essentially “business as usual”.
When human error causes 95% of breaches, thus it becomes mandatory to educate your team on cyber security. Your team have a key part to play in helping keep your organization secure. Consequently, which is why teaching them about the types of threats they may encounter and how to prevent falling victim to them is important.