Cybercrime takes many forms, including malware, viruses, ransomware, spyware, and phishing. While some criminals may be out to steal state secrets or sow digital chaos, most of them are interested in the monetary value of stolen data.
Data breaches, whether they occur from compromised email credentials or a software vulnerability, are very costly to businesses. For small, medium, and large organizations, estimates of the average cost of a data breach range from $108,000 to around $4 million. For small businesses, that number is closer to $3 million – and growing. Data breach costs primarily take the form of lost business, including increased customer turnover, lost revenue from system downtime, and the higher cost of acquiring new business due to reputational harm. Costs are also incurred when investigating and responding to data breaches. Companies that fail to secure customer data can face fines, penalties, and lawsuits.
These costs may end up being more than a major inconvenience. They could ultimately end up dooming a business. In fact, an estimated 60 percent of small businesses that suffer a data breach close their doors permanently within six months.
Businesses that do not have a plan to prevent cybercrime are courting disaster. You would not leave a physical business un locked and unsecured. Your online business should be no different. Leaving your systems unsecured is practically inviting cybercriminals to break into them.
If taking on full-time cybersecurity staff is beyond your current budget, outsourcing can be a way to strategically address security gaps. We can be part of your cybersecurity team. Contact Reid Council Law Firm to schedule your planning session for your cybersecurity needs. Visit http://www.reidcouncillaw.com or call (215) 258-4620 today.