Global experts predict that cybersecurity breaches will cost the world $10.5 TRILLION annually by 2025.
On average, the cost of a single data breach has reached $200,000. This means that a mere “average” cybersecurity attack could potentially put a company out of business. In fact, sixty percent of small companies go out of business within six months of an attack.
If you’re a small-to-medium business, recovering from a cyber attack will cost you roughly $13,000-$38,000. And this does not account for lawsuits and damage to your company’s reputation. Small businesses have, unfortunately, also become more common targets of cyber attacks, accounting for a whopping 43%-47% of cyber crimes.
If you are an enterprise level company, the cost to recover from a cyber attack can exceed $1M.
How can I defend myself against a Cyber Attack?
The best way to defend yourself against attack is through prevention.
Going after cyber criminals after a breach has occurred is a lot like trying to un-spill milk or un-tell a secret. Even if you do manage to track down and make the criminals pay back whatever monetary value the breach cost you, the proprietary and highly sensitive information that was leaked can never be taken back.
The breach can result in ruined reputations, possible lawsuits against your company, and the loss of your competitive edge. For most companies, this kind of damage cannot be mitigated, adding to the growing number of failed businesses.
As mentioned, prevention is the most important step your company can take, and the first step must be to secure all your business communications including video conferencing, webinars, messaging, and file sharing.
To learn more about available solutions read the full article here.
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