These days, no one can escape the inevitable cyber-attack, and that's why you need to be prepared for anything and everything. Statistics show that 75% of businesses don't have a proper plan in place in the event of an incident and 66% of businesses who are hit say they can’t afford to recover.
Your clients rely on you to keep their information secure. If your business or organization were to fall victim to a breach, you could be facing huge data loss, fines, expensive recovery, loss of client trust, and a tarnished reputation. Regardless of the size of your business, you need a proper incident response plan to minimize the damage of the inevitable breach.
If your data gets in the wrong hands, it could be held for ransom. Ransomware is one of the leading methods of attack from cyber criminals currently. Many companies will panic and pay the ransom quickly to recover their data. Sometimes they will recover their data, but more often than not, they fail to recover their data and they’re now at a greater loss financially. Not only this but with more companies and individuals paying these ransoms, cybercriminals take note of the effectiveness and continue to capitalize on future ransomware attacks.
With a proper incident response plan in place that covers ransomware attacks, you and your team can be better prepared to identify a potential breach and know what the next steps are. This will significantly minimize your risks of major damage.
By participating in regular security backups, having proper cybersecurity in place, and having proper education for your whole team, your attack surface becomes smaller and that ultimately minimizes your company’s potential vulnerabilities.
The standard principle shows that the longer it takes for a business to recover from a breach, the more damage the company will face. With more damage comes a big hit to your reputation and a major loss in your clients’ loyalty.
By experiencing a data breach, you’re showcasing that security isn’t your top priority and that’s not what your clients want to hear. Reports show that 78% of consumers will find alternatives to companies who face a major data breach. Alongside this, your company’s stock prices and shares could plummet.
The cost of a data breach could cost millions of dollars, it all depends on the size of your business, the severity of the breach, and the time it takes to resolve the compromised system. It is said that around 60% of small to medium-sized businesses will be forced to shut down within 6 months post-data breach. The costs do not simply amount from the revenue loss, but also the legal fees, compliance fines, and other lasting damages that need resolving.
This is why it is crucial to have a proper security plan in place as it will significantly reduce the damage after a breach does occur and it can also help your employees learn the signs of potential future threats.
We've had many businesses come to us after an incident occurred and for the majority of them, we were able to fix the issue.
If these businesses had proper security from the get-go, they could’ve potentially minimized the damage they incurred and that’s why prevention is key! We're here to help with that!
Don't wait for disaster to strike, be proactive. Cyber Unit offers next-level cybersecurity solutions for any sized business or individual. Click HERE to find out more!