The Ugly Truth: Cost of a Data Breach
A data breach can wreak havoc for business owners and consumers alike. Between fines, fees, and loss of customers, a break in cyber security can spell the end of a company. The best way to avoid these fees and business interruptions is to make sure that your Brand | Business | Customers are fully protected by following the PCI-DSS guidelines.
Let’s look at what a breach can cost your company if you have exposed vulnerabilities in your security.
Since 2013, the average total cost of a breach has increased 29%. The cost of a breach is on a steady incline due to a growing number of attacks and the malicious nature of those attacks, which makes them harder to mend.
Each record breached, on average, costs $158 for the company to repair between legal costs, fines, and fees.
Breaches for healthcare organizations tend to cost more per record due to the amount of work that goes into remediating the issue for each individual. The average cost per record breached at a healthcare organization is $355.
If we look at a large company or corporation a breach could cost upwards of $4 million dollars. Small and medium sized businesses are not far behind with breach costs ranging from $690,000 to $1 Million+ dollars. Hackers are not just targeting the larger companies, in fact, 62% of all cyber-attacks are targeted at small and mid-sized businesses. According to the United States Cyber Security Alliance, the sales of 60% of small businesses plummet in the six months directly following an attack.
As the cost of a breach rises, the cost of prevention and detection also rises. However, taking preventative measures can save your company in the long run. Most companies invest in hiring a Chief Information Security Office (saves $7/record), involving business continuity management service ($9/record), investing in extensive encryption methods ($13/record), or employing an incident response team ($16/record).
Knowing your company is secure and PCI complaint can make a world of difference in how far a breach penetrates your system. 80% of all victims of a security beach don’t know that they are compromised for a week or more. If you want to learn more about how to Protect your Brand | Business | Customers, give NuArx a call at (877) 556-8279 or visit www.NuArxInc.com
Gary Miller | GEM Strategy Management. “60% of Small Companies That Suffer a Cyber Attack Are out of Business within Six Months.” The Denver Post. N.p., 24 Mar. 2017. Web. 28 May 2017.
“IBM | Ponemon Cost of Data Breach 2016.” IBM – United States. N.p., 15 May 2017. Web. 15 May 2017.