The Real Costs of a Cybersecurity Breach

The Real Costs of a Cybersecurity Breach

“The time to repair the roof is when the sun is shining.”

– JFK

Raise your hands if you’ve ever waited to do something until the last minute. While that type of blasé attitude is great for fun vacation stories, it doesn’t work as well if you’re running a business.

Some business owners are veterans at this, while others are learning as they go. And that’s fine. It’s completely understandable. But when it comes to cybersecurity, you can’t afford to place it anywhere other than on the top of your list of priorities. In fact, the threat is so significant, that the number of cybersecurity experts will triple in the next four years, to be able to keep up with cybercrime.

It’s a costly business

In addition to the panic caused by cybersecurity breaches and lost data, you have to keep in mind the costs of these attacks. It is estimated that by 2019, businesses will spend 2 trillion dollars trying to keep their information safe from hackers. And that’s just the tip of the iceberg. You have to deal with the stress you’ll experience during the time you attempt to recover your data, a possible loss of clients, possible legal fees if you’re sued by a disgruntled customer who suffered damages due to your breach and depending on your industry, possibly even regulatory fees.

This year, health insurance giant, Anthem, had to pay $115 million to settle a lawsuit after a cyber attack. Some law firms even have entire departments that specialize in class action suits over this. Even if you’re a small business, you’re exposed to similar lawsuits (even if on a smaller scale). The results could range from a nuisance to having to shut down your business.

Cybercrime is here to stay. Don’t play Russian Roulette with your livelihood and that of your employees. Contact us for a health check of your systems. We can foresee possible issues and patch vulnerabilities. And if you do lose your business data as a result of a cyber attack, we can also help you recover it. Soaring Eagle Database Consulting is your best bet.

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