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Stay up to date on the latest security threats your business faces and get tips on how to stay protected and informed.
From Target in 2013 to MGM Hotels in 2021, large-scale cyber attacks on major corporate companies always make the headlines. Unfortunately, many attacks on small to medium-sized businesses (SMBs) don’t make the news, but that doesn’t mean they aren’t at risk. SMBs account for 43% of all data breaches, and 61% of SMBs reported at least one cyber attack in the last year.
However, small business does not imply small costs. A data breach may cost a small business anything from $120,000 to $1.24 million. This article will review the costs and potential outcomes of a cyber attack and offer advice on how to keep your organization safe.
It stands to say that cyber attacks are a threat to any business, from Amazon to a small online business. Unfortunately, many small to medium-sized companies aren’t prepared to deal with a cyber attack. In fact, a 2020 study revealed that 43% of SMBs don’t have any cybersecurity solutions in place.
If this describes you, then it’s likely that your business may not survive a cyber attack. According to CyberCatch, 75% of SMBs would be forced to close shop in the case of a ransomware attack. The damages of cyber attacks are significant.
As stated earlier, the costs associated with a cyber attack are expensive, even for a small business. Studies have shown that 83% of small and medium-sized businesses are unprepared financially to recover from a cyber attack.
However, it’s not only the monetary amount that may sink a corporation; it’s the disturbance to operations. CISCO reported that 40% of small businesses hit by a major cyberattack had at least 8 hours of outage. Downtime is a primary cost of a security breach.
Customers are selective of the companies they work with because of the growing threat of security breaches. If your company experiences a data breach, it could impact its reputation and customer willingness to do business with you.
In addition, the reputational ramifications of a data breach may last longer than the short-term consequences, harming your bottom line when consumers don’t trust you.
Companies might face severe legal consequences after a breach if customers are affected. The fines and settlements imposed on companies can quickly add up.
After an attack, Home Depot paid credit card issuers and banks $134.5 million. Home Depot paid hack victims $19.5 million in 2016, including credit monitoring. In 2017, the business agreed to pay $25 million to affected banking institutions.
A cyber attack can happen to any organization, large or small. A successful cyber attack could have damaging effects on your organization both internally and externally. It will not only cost you time and money, but it could also result in negative PR for your brand.
The danger of a cyber attack is ever-present, and it’s important to know how prepared your organization is should one occur. Investing in cybersecurity solutions and ransomware protection is the best prevention to ensure the survival of your organization.
LeadingIT offers 24/7, all-inclusive, fast and friendly technology and cybersecurity support for nonprofits, manufacturers, schools, accounting firms, religious organizations, government, and law offices with 20-200 employees across the Chicagoland area.
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