Insurance and Security

How much can a cyber breach cost?

Many businesses lack a strong cybersecurity strategy. However, without a plan in place, there is a lot at stake.

Published: October 04, 2018
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The potential costs of not budgeting for cybersecurity

Cyber breaches can cost businesses money, customers, and their reputations, yet many admit to not having security resources in place. Take a look at the numbers behind this trend.

What can a breach cost?

A single company can spend more than $1 million recovering from damage or theft of IT assets. Disruption to normal business operations can take an even larger toll: as much as $10 million, depending on the level of damage or theft.

What business do you stand to lose?

22% of breached organizations lost customers2

40% lost more than a fifth of their customer base

29% lost revenue

23% lost business opportunities (with 42% of that group losing more than a fifth of such opportunities)

Why aren’t businesses protected from cybersecurity?

63% of respondents to a Ponemon survey say their organizations don’t have adequate budget for cybersecurity protection.1

57% say their companies don’t have a password policy in place.

62% say they don’t have the inhouse expertise to achieve strong cybersecurity.

Investing in cybersecurity protection isn’t a risk, but leaving your company exposed can be. Review your budget and allot what you can toward protecting your strategy documents, financials, payment information, and personnel information.

Sources: “2017 State of Cybersecurity in Small & Medium-Sized Businesses (SMB),” Ponemon Institute LLC, 2017.

“Cisco 2017 Annual Cybersecurity Report: Chief Security Officers Reveal True Cost of Breaches And The Actions Organizations Are Taking,” Cisco, 2017.

“Gartner Says Many Organizations Falsely Equate IT Security Spending With Maturity,” Gartner, 2016.

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