The consequences of a data breach are crippling to businesses, with the global average cost in 2023 reaching $4.45 million (an increase over the $4.35 million average of 2022). Additionally, data breaches can tarnish a company’s reputation and decrease productivity. Fortunately, the more you understand about data breaches, the easier it is to minimize the risk of one occurring.
Continue reading to learn more, including the following:
Protecting your business against potential data breaches is essential to securing sensitive information. However, when errors are made, and your network security fails, the consequences of a data breach can be devastating. In a worst-case scenario, your business can expect the following after its network defenses have been penetrated:
While the cost of data breaches varies depending on their severity, they tend to be extensive. Cyberattacks can directly result in stolen company revenue, not to mention the costs of compensating clients, settling lawsuits that may occur as a result of a data breach, the amount of profit lost due to unwanted downtime, paying for recovery services, and upgrading your security, lowered share prices, the cost of investigating the problem, penalties for not being compliant, and more.
Money isn’t the only negative consequence of a data breach—the public perception of your company’s brand is liable to be diminished. Clients won’t want to work with a business that can’t protect their own information, let alone trust you to keep their personal information secure. A tarnished reputation means less business, resulting in less revenue for your company.
Having your company’s sensitive information or software stolen is another consequence of a data breach. Losing anything can make it impossible for certain employees to carry out their daily procedures and create downtime, decreasing productivity. Lost data can also be exploited in many ways, such as being sold off, uploaded to the public, destroyed, or held for ransom.
It’s up to businesses to keep their data secure, as well as the information of anyone that may work with them. When a data breach compromises a business’s security, impacted clients are at liberty to take legal action under data protection regulations. Depending on the severity of the situation, legal pursuits may cost businesses millions of dollars to account for damages.
The consequences of a data breach can be experienced for numerous reasons, some of which are more challenging to prevent than others. However, by knowing the most common causes, you can prepare your employees and ensure they know what to look for while using the company network.
Cybercriminals hide malware and orchestrate phishing attempts using your email. Use ISSI’s email protection to keep dangerous spam out of your inbox.
Taking the necessary steps to prevent the consequences of a data breach should be a top priority for every business, both small and large. In cybercriminals’ eyes, breaching large companies’ networks results in greater rewards, but small businesses are often targeted due to a lack of fortified security. Fortunately, preventing data breaches is possible for companies that implement the following safety measures:
Employees that don’t know how to navigate the internet safely pose security risks for companies. Undergoing security awareness training and informing workers on cybersecurity best practices can prevent employee errors and safeguard your network against social engineering attacks.
Consistently updating your network security can help mitigate the risk of a data breach. Updates can include reinforcing firewalls with new tech, changing passwords periodically, and installing new variations of antivirus or anti-spam software.
If you find it challenging to maintain your network security using internal IT staff, consider partnering with a managed network security service. Managed security services offer a wide range of advantages, including remote network monitoring, predictable budgeting, 24/7 emergency assistance, and overall increased security—all without you needing to dedicate time or effort.
The best way to implement these preventative measures is to reach out to a reliable technology solutions provider like ISSI.
Established in 1997, ISSI Net, Inc. is dedicated to providing business owners with high-quality IT services. We understand the consequences of a data breach and how detrimental they can be to established and growing businesses alike. That’s why we offer many IT solutions to help protect companies from potential threats, including:
Our IT experts can provide a detailed network assessment to detect vulnerabilities in your security protocols. Using the gathered information, we can construct an efficient security solution that meets your business needs and helps avoid the consequences of data breaches.
Ready to upgrade your network security? Contact us today to get started.
Since 1997, ISSI has provided reliable, professional IT services to businesses in Ohio.
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