A single ransomware attack, data hack, or rebellious employee can cost you unnecessary expenses, damages, and losses which could have been prevented in the first place. On top of that, there are operations interference, network downtime, delays, and piling of work. Loss of deals. Investigation and legal fees will devour your income just to figure out what sort of breach occurred and what information were compromised. IT restoration costs, if possible, to put back your operations again.
Cyber hackers may demand ransom from you, usually through a cryptocurrency deposit, and maybe – just maybe – you will get your data back. Then, there are expenses for litigation, attorneys, and expenses for reaching to the media. Your income will be deeply disturbed, and financial structure will implode. A few states give compromised businesses mandatory credit-observation for a year and expect that more entities will follow accordingly.
The assessed cost per stolen client record ranges between $150 to $225 each. This is after IT recovery, lost income, downtime, fines, and legitimate charges are computed. How many employees and customers do you have? Multiple that by $50 on the conservative side and you’ll begin to get a feeling of the damages that a breach can bring to your organization. (Note: The highest cost per data breached belongs to the healthcare industry)