If you based the number on the most updated statistics and studies, you would surely have your mouth wide open for seconds. How you could wish you would have foreseen the event before it happened. Just for you to prepare, we are giving you an idea of how much does a cyber attack would cost a business like the one you own.
According to the 2021 World Economic Forum report on global risks, the expertise of hackers is making the cybersecurity protections put in place by organizations, governments, and people increasingly ineffective. Giving them more opportunities to lure into the cyber world and get whatever they have and worked for. Accenture’s “State of Cybersecurity Resilience 2021” reports, that security assaults climbed 31% between 2020 and 2021. From 206 to 270 attacks per company were reported from one year to the next. FBI also did their homework in releasing the Internet Crime Complaint Center Report, they said that last 2020, an all-time high volume of complaints rose to 791, 790 with a total lost of $4.1 billion. In a study conducted by IBM and Ponemon Institute, it takes an average of 287 days for security teams to identify and contain a data breach, the real question is, how much will that be?
A study from UpGuard, a company that has 500 employees had a higher data breach cost at $2.98 million, and of course if you have around 10, 000 to 20, 000 employees that’s $5.52 million out of your company’s investment.
There are other relevant reports that give other rough estimates on how much your company will fall behind with all these cyber attack in the news. One report from Ponemon Institute says that its $180 per data record that was based on the information gathered from last year, and most likely it already went up this year. Cisco / Cybersecurity Ventures released in their 2022 Cyber Security Almanac that in 2025, it is predicted that cyber attack will cost as high as $10.5 trillion in all.
You can also be required to pay for any backlash this might receive from customers. Make a plan for how you can maintain productivity while the system is down and verify your cyber insurance policy to determine if income loss is covered. Only by emphasizing cyber security awareness and having a plan in place to lessen damage in the event of disaster will these dangerous figures be prevented. Intelecis is here to make sure that your incident response plan is customized to your requirements.
