Did you know that the average total cost of a successful cyber attack is over $5 million? Yup, you read that right—actually, $5,010,600 to be exact. Cyber security is not only getting more difficult for businesses to manage, it’s getting much more expensive. This is especially true when it comes to your small- and medium-sized business (SMB) clientele. Most SMBs lack the tools and talent needed to protect themselves from the evolving cyber landscape, making them easy targets and more likely to fall victim to an attack with disastrous financial consequences.
But what exactly is factored into the number above that makes it so high? In the chart below, we’ve gathered data from a Ponemon Institute report to outline the various costs associated with a successful cyber attack and what SMBs could be risking. Use this chart—in conjunction with the provided talking points—in your next sales meeting with clients or prospects to demonstrate just how vital it is to invest in your IT security solution.
See chart below:
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Your Business Can’t Afford to Suffer from Downtime
The costs of a cyber attack can span a broad range depending on the organization and the scenario, but for the majority of attacks, downtime and loss of productivity are the real killers. It can be extremely disruptive to your business when your systems are locked or pulled offline. Also, extended downtime can send unexpected ripple effects across your organization's operations. Not only will you and your employees not be able to continue working or access any files, your sales will be put on hold—creating a deadly combination that could cost upwards of $2 million. Is this a price tag your business can afford?
Your Reputation Is on the Line
Not only could you suffer from loss of data and productivity, the aftermath of an attack can be quite costly. Fines, lawsuits and damage—both reputational and physical—are all indirect costs that you might find yourself paying out well after the attack has occurred. And, according to the chart, these costs could add up to over $1 million. Do you think your business could bounce back after a financial hit like that?
The Need for Comprehensive IT Security
How do you fight an infection you may not even know you have? Your business needs to be able to address infections that aren't as blatant as ransomware—ones that are instead getting increasingly stealthy and evasive. Your security strategy needs to adapt, and the best answer is to partner with us.
Our cyber security solution can provide you with both the foundational and highly advanced protections you need. Together, we’ll be able to establish a unique protection plan for your specific environment—protecting you from your biggest cyber concerns. Additionally, our services are backed by our team of highly-skilled security experts who take care of the analysis, monitoring, and threat intervention needed to stop attacks in their tracks and keep your business safe.
Looking for a solution that can offer the protection your clients deserve? Take a look at Continuum Security:
By Lily Teplow
By Meaghan Moraes