The High Cost of Not Doing Enough to Prevent Cyber Attacks

The High Cost of Not Doing Enough to Prevent Cyber Attacks

Every business is a target when it comes to cyber attack. Thinking small organizations are not worth a hacker's time is a stupid thought. With digitization, it is estimated that the cost of data breach will reach a $2.1 trillion globally by 2019. Currently organizations are under serious threat of cyber attack and its difficult to protect the business against cyber criminals.

According to Kaspersky Labs report, the average cost of recovery from one singly security breach incident is approx. $86500 for small businesses and nearly 10% increase with large enterprises. The cost of security breach takes account time, labor and cost associated with:

1. Ensuring data is safe after an incident or breach

2. Handling bad media responses.

3. paying additional cost for lawyer and attorney fees

4. Take a look at your current IT infrastructure and strengthening your defenses

5. Investigating the breach that had happened and how to prevent those in future.

6. Sending and creating breach notifications.

Now most of the small businesses (60%) fail because they cannot afford such costs.

Due to bad influence on the brand and the financial damage , there is a substantial cost to small and mid sized organization to recover although its little easier for the larger organization to absorb such costs.

Risk of too Little 

People still consider, traditional security measure like firewall and antivirus are sufficient .Companies which think they can live with bare minimum security standards in place are completely mistaken. Relying on malwares and firewall is an old school in today's continually evolving cyber threat. Lets look at certain data points to validate those.

According to Symantec, 50% of the all internet messages are spam and links to ransom ware or malware. One inadvertent click is good enough to be in cyber attack trap.

70% of the hackers target mid sized business as they are easier target and typically have less technical avenues to detect issues.

Also an additional fall out, when your company is a victim to malware, data breach, ransom ware or hacking it impacts

1. Ongoing disturbance to continuity, operation and productivity

2. Loosing customer trust.

3. Degrading your brand reputation.

Lack of awareness had led to increased exposure to cyber threats. There are few options to keep as precautionary measures set against an attack.

1.Back up - Regular backup protects your data against ransom ware attacks. One step further could be encrypting the data and this strategy reduces the chances of financial loss.

2. Monitor threats inside - Some employees can pose a threat on company data on purpose. Monitoring the IT environment should not only include corporate network but also including all internal systems.

3. Create incident reporting plan - Security breach can happen, but its also important that appropriate measures are in place to handle the situation. It also includes, reporting, evaluation of the incident and avoiding the recurrence of such instances and analyzing the incident to eliminate it in future.

4. Employee Education - Educating the new hires on the risks of clicking on an attachment or a link and making it part of the new hire onboarding process will limit the malware entering the door. Holding regular training sessions, is very crucial instead of sending one or two emails.

5. Deploy whitelisting technologies - Whitelisting is effective but its not completely safe on its own. It is more efficient with increased layers of security, such as firewall, network monitoring etc. Once vulnerabilities are diagnosed, it should be patched. When security patches applied, cyber attackers find less opportunity to attack your IT network.

All businesses should take due diligence and care to avoid data breach incidents. Implementing and devising the above security measures proves to be extremely efficient to protect your business from security threats. Keeping a vigilant eye, awareness and little smart work will help you save millions.

Here's a great video to help you to prevent cyber attacks in your business.

 


About The Author

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Kelly Stark

Kelly lives in costa mesa, CA. She is a newly engaged to her partner and now planning on their upcoming wedding. Her favorite thing to do is watching movie with her friends and loves to read books.

About The Author