Are You Underestimating the Cost of a Data Breach?

The cost of a data breach

In fact, that is exactly what the cyber criminals want you to think.

As a leading cyber security company in Cincinnati, we are constantly researching the current state of the industry and the current state-of-the-art technologies, processes, policies and people. We like to share timely and relevant articles we find that will help you understand the current but ever shifting cyber threat landscape and help you defend yourself, your family and your organization.

The Real Cost of a Data Breach

As you may know, it’s getting easier and less expensive for cyber criminals to perpetrate attacks.

A recent study by Deloitte estimated that readily available cyber crime tools costing $34 per month could return $25,000. While more expensive but sophisticated tools that cost a few thousand dollars could return as much as $1 million per month.

It’s easy to see that a data breach can be devastating to the business, its customers, its vendors and the community. Studies are showing that the cost of a data breach may be much higher than originally believed:

  • The Small Business Administration estimated that there were over 42,000 cyber security incidents last year
  • 43 percent of those incidents were targeted at small businesses
  • It has been found that the average cost of a data breach to a small business is $149,000 not including the damage to the brand reputation
  • IBM’s latest Cost of a Data Breach report found that the average cost to a business per record lost is $233, and those costs can skyrocket in tightly-regulated industries.

Recently, LibertyID reviewed a study performed by Logically, and offered business owners’ thoughts after being shown the statistics on how much a data breach will truly cost a business.

Read the Article on LibertyID

If you have questions after reading the article, please contact us and one of our experts will be happy to help you.  Additionally, follow us on LinkedIn, Facebook and Twitter where we are constantly sharing important cyber security and technology information that will help you stay safe out there.

Posted in
Dave Hatter

Dave Hatter

Dave Hatter (CISSP, CCSP, CCSLP, CISA, CISM, PMP and ITIL) is a cyber security consultant, writer, educator and on-air media contributor. See hundreds of Dave’s expert interviews on cyber security on his YouTube channel, or tune in to 55KRC every Friday morning at 6:30 for his “Tech Friday” segment.

Share this Blog

Enterprise Password Management Promo Wide

Is Your Name or Birthday a Part of Your Password?

If so, you’re a part of the 59 percent of people who don’t follow proper password hygiene. More than 70 percent of passwords are used for more than one system, meaning if cybercriminals crack one, they can access a lot more accounts.

Our free Enterprise Password Management Guide will give you the best password hygiene practices to help you secure your computer and your business.

Download the Guide

Explore the Latest Trends in IT

Cybersecurity for Small Businesses Threat Management Strategies - Intrust IT

Cybersecurity for Small Businesses: Threat Management Strategies

The threat of cybercrime looms larger than ever before. With each passing year, we witness a staggering rise in cyberattacks,...
The Crucial Role of Data Backup in Business Continuity and Disaster Recovery - Intrust IT

The Crucial Role of Data Backup in Business Continuity and Disaster Recovery

Data is the lifeblood of any modern business operation. All organizations rely heavily on digital information, from customer and financial...
What is Two Factor Authentication, and Why Does it Matter - Intrust IT

What Is Two Factor Authentication, and Why Does It Matter?

You’ve likely seen security updates on your phone or computer asking you to set up 2FA or MFA to increase...
Should Information Technology Companies Allow Workers 9 Days AFK - Intrust IT

Should Information Technology Companies Allow Workers 9 Days AFK?

At Intrust IT, we know how powerful stepping away from work can be for our employees’ well-being. We became employee-owned...
The Advantages of Opting for a Managed SOC - Intrust IT

Benefits of Continuous Cybersecurity Monitoring with a Managed Security Operations Center (SOC)

Introduction: The Importance of Robust Cybersecurity in Today's Digital Age As a leading managed service provider, we’ve seen cyber threats...
Local Government Security Breaches Are City Managers Prepared - Intrust IT

Local Government Security Breaches: Are City Officials Prepared?

Virtually every day there’s a new headline about novel cyber threats, government security breaches and municipal government cyber attacks that...