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
Download (PDF)

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.

Insurance and Security

Cybersecurity across industries

The types of cyber threats can vary from industry to industry. Take a look at the numbers.

Infographic - Cybersecurity across industries
Insurance and Security

Experiencing a breach: How a business owner overcame a hack

One business owner recalls how a cyberattack affected his website, and how the business recovered.

Article - Experiencing a breach: How a business owner overcame a hack
Insurance and Security

Activate your cybersecurity: Eight steps toward a secure business

Take a deeper look at cybersecurity risks and strategies, and keep this list handy when creating or updating a strategy for protecting your business from cyber threats.

Tip Sheet - Activate your cybersecurity: Eight steps toward a secure business