What about being Breached?
There are the normal costs, everyone associates with being breached, like getting your own server and computers fixed up, with maybe a little downtime. But really, most businesses view the possibility of getting hacked as more of an inconvenience than a bottom-line cost. For those who’ve come out the other side though, it’s a very different story. They know the hidden and ongoing costs of a data breach can be crippling, and that IT security exists to protect your business on multiple levels. All those surprise costs that spiral out of control are why most businesses close after a cyber-attack. Here are a few of the hard, but common realities of life after a hack.
Raiding the budget to reduce downtime
From the moment a cyber-attack gets into your system, things get expensive, and the longer the attack goes, the more it costs. The latest stats reveal most breaches aren’t identified for around 191 days, then it can take on average another 66 days to contain the damage. During this time you’re cleaning PCs, mobile devices, laptops, servers, and even entire networks. Add to this the fee for experts to fix everything up, all the new tools and software they insist you have, and all the hours/days/weeks when your business is struggling with downtime, you’ll exhaust your emergency funds very quickly.
The long arm of the law
Depending on what data was stolen and how you handled the situation, you could be liable for fines into the millions. Having any medical data or legal files leak is a particularly messy scenario with fines coming from multiple sources. In any case, new privacy laws mean businesses are liable for massive fines if they don’t disclose a data breach, even if only email addresses were stolen. Where this gets even trickier is that the burden is on your business to know exactly what data has been stolen/illegally accessed, so you can report it before the fines stack up. This means that even if you were able to fix up the systems yourself, you still need to hire an expert who can identify exactly what the hackers took, from where, and when.
Security breaches can happen anywhere
Look no further than locally, when back in 2019 the City of Riveria Beach was hacked and needed to pay the ransomware. The main cause of this was a lack of security and weak passwords that were left to be exposed to malicious hackers. This one breach cost the city over $600,000 that needed to be paid to get the files back only just after paying over $1 Million dollars just recently to replaced old and compromised equipment. A lesson that ended up being quite costly.
Customer retention measures
In a double-down crush to your bottom line, not only does your business have to bear the cost of the hack, your future income takes a hit as customers lose trust and leave. To offset this, many businesses need to engage PR experts, spend more on advertising, and go all out to ensure they survive to fight another day. Even so, your breach disclosure will still come up in search results for many years. The more negative publicity your breach attracts, the more you’ll need to spend on customer retention.
All your secrets exposed
While you may not have Pentagon-level secrets to protect, your business does have information that you’d like to keep to yourself. Hackers love going after those juicy tidbits, and the more closely you guard them, the more attractive they are. Think Coca Cola recipe, Big Mac Secret Sauce, or 11 Herbs & Spices…While those corporations would be big enough to keep their competitive edge after the breach, your business success relies on at least some information staying secret. It may not be a secret recipe, but your proprietary methods and databases have a black-market value all of their own.
But simply avoiding a breach doesn’t cost much at all…
What we can offer
The thing is, it’s not expensive to stay on top of it all and keep your business protected. For a low monthly fee, we can reverse the entire scenario and secure your systems against the unknown. That means no need to raid other department budgets in a panic, pay crippling fines, make embarrassing public announcements, or fight to retain your competitive edge.
We can help with making sure your systems have the latest security patches and your anti-virus knows the latest tricks to watch for. Our technicians can build a virtual fortress around your business that keeps the bad guys out while letting you thrive and even monitor security with early warning systems. Whatever your needs are, both now and moving ahead, we’re here to help keep you safe while keeping your IT costs low.
Ready to secure your business against breaches? Give us a call today on 561-336-5434 and ask about our Free Risk Intelligence Scan.