The cost of a data breach can be much greater than the initial cost of recovery. Read on to learn the true cost of having your cybersecurity breached.
As technology evolves, there comes a tradeoff between convenience and security. Data breaches are on the rise, and consumers and businesses alike are concerned about their online security. For the latter, the true cost of a data breach can take years to recover from.
In recent years, hackers have ramped up their efforts in targeting government systems and small businesses. The United States, Canada, United Kingdom, Australia, and many other nations have spread awareness regarding cybersecurity and data management.
From phishing to ransomware to advanced decryption tools, hackers employ many methods of attack. Their tools and research often outmatch businesses’ cyber defenses, enabling them to steal sensitive data including customers’ private information. The fallout from these attacks forces customers to reevaluate their trust in the breached business, often abandoning them for months, sometimes for good.
For a business, the loss in sales and damage to reputation is often stacked upon the cost of recovering lost data. Phishing attacks to trick users into opening a malicious link or attachment that infects the computer with malware. The harmful code can then track the user’s keyboard inputs and encrypt their files with passwords known only to the hacker, who demands a ransom in exchange. Many organizations pay off this ransomware only to have the hacker refuse to honor their end of the deal. The business must then expend significant time and effort to attempt to decrypt the files or stomach the permanent loss of their data. Many organizations never recover, and the ones that do must fight a long uphill battle.
The best way to minimize the cost of a data breach is by taking proactive steps to prevent it. Technology won’t stop evolving, and how we approach security must evolve in tandem. Make sure your organization has detailed cybersecurity protocols in place including training, security audits, and hiring an experienced IT provider who can protect your data 24/7.
Alliance Technology Partners is proud to offer industry-leading IT management solutions. Our Armada program provides full-service cybersecurity and IT support for small-to-medium-sized businesses. We adapt to your business goals and implement proactive solutions that protect you from threats and boost your productivity.