Security is becoming more and more important for all industries. More than 93 percent of IT professionals believe security threats are on the rise; the data agrees, as ransomware attacks alone surged by over 27 percent in the past year. With an uptick in cybercrime, organizations are vulnerable. From ransomware to denial of service (DDOS) attacks, it’s easy to become compromised from outside and within.
Organizations have learned the value of cybersecurity the hard way, from widespread attacks on law firms to ransomware attacks against healthcare. The question is: Are you prepared to handle these risks? Understand the importance of security and the cybersecurity costs you could be exposing your business to—and act now.
High-Risk Cybersecurity Costs
Cybersecurity costs can bring your organization to its knees. Vulnerabilities in your systems can be exploited with alarming speed, and you need to be prepared to step up in the face of your biggest risks.
Data Breaches and Data Loss
If cybersecurity sits low on your priority list, it leaves your organization open to data breaches by hackers and bad actors. By penetrating your systems, confidential information is theirs for the taking.
Attacks like these hit businesses hard, both financially and operationally:
- Direct costs involve restoring compromised systems and data, notifying affected parties, and paying legal fees and fines.
- Indirect costs include the loss of intellectual property, customer data, and proprietary information.
Reputation Damage
Your reputation is your calling card, and security problems can take you from trusted expert to liability. Don’t wait to act—cyberattacks and downtime can bring fines and financial losses you may not recover from.
If your business struggles with its own security, how can customers trust you? Sales and business opportunities can quickly disappear as their confidence erodes, compounded by negative publicity that leaves long-term stains on your reputation and your bottom line.
Operational Downtime
A hacker enters your system through a phishing scheme, stealing data, monitoring your activity, and even bringing the whole thing down.
Ever been here before? You don’t want to be! Business operations quickly go haywire when you’re hit with cyberattacks such as malware—resulting in significant downtime. Until the system is restored, you’re stuck in a holding pattern and losing productivity as employees wait to perform their duties.
Regulatory Compliance
No matter your industry, your organization is bound to regulatory compliance standards and must be able to demonstrate that your technology meets the requirements for security credentials.
- The GDPR applies to organizations that handle information about individuals in the EU.
- The Sarbanes Oxley Act applies to publicly-held companies.
- The Gramm-Leach-Bliley Act applies to financial services providers.
- The HIPAA applies to healthcare providers.
Some states even enforce security and privacy laws. For instance, the California Consumer Privacy Act (CCPA) grants consumers control over their personal information, including the rights to know what information is collected, to delete it, to opt out of its sale or sharing, and to be free from discrimination for exercising these rights. Check your jurisdiction to understand your obligations.
Noncompliance isn’t an option. Take action to live up to data protection regulations and avoid hefty fines, legal fees, and restitution from lawsuits.
Hidden Cybersecurity Costs
Data struggles, noncompliance fines, and negative headlines may cause financial losses and operational disruptions. But those aren’t the only cybersecurity costs to worry about. The more subtle cybersecurity risks can slowly erode profitability and competitiveness over time.
Increased Insurance Premiums
More businesses are buying cybersecurity insurance to protect themselves from digital threats and comply with regulations. While on average it’s an affordable $145/month, attacks can send cybersecurity costs into overdrive.
Intellectual Property Theft
Confidential data co-opted by bad actors? Trade secret, patent, or other intellectual property theft can harm your organization and hurt its competitive advantage when outsiders learn your “secret sauce.” Document protection can lock down information to outsiders—making it available only to employees, customers, and others who need it.
Fraud and Financial Loss
Wait, who made that purchase? Hackers love to rack up charges on someone else’s dime, but fraudulent transactions and theft saddle businesses with direct financial losses. If you become a victim, you may be looking at significant costs to recover stolen funds or assets.
Keep Your Business up to Speed with All Covered
Not every business can withstand the sting of cyberattacks and their associated downtime and reputational damage, and you don’t want yours to have to struggle to pick up the pieces. Equip your organization to handle any challenge that comes its way and avoid harsh cybersecurity costs with robust technological safeguards.
Don't wait. Implement proactive computer and network support with All Covered to maintain your performance and trust. Choose a customized support plan with options including managed IT services, remote monitoring, vulnerability scanning, threat management, security training, and more. Get in touch with our team today to learn how we can ensure your business is All Covered.
