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.
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.