The Internet holds a massive amount of data. According to Science Focus, it could be around 1,200 petabytes. That is equivalent to more than one million terabytes. This number, though, is just among the top four largest IT companies in the world. In reality, no one can quantify the information available in cyberspace.
For the hackers, though, it doesn’t matter. Cask, LLC warns that each of these data represents an opportunity to do something evil, which can cripple businesses.
Problem: The incidents of data breaches continue to increase over the years. From 2005 to the first quarter of 2018, the number of exposed records was more than 22 million.
The impact of these attacks can vary. The costs can be almost $145 per record, according to an IBM study. This amount may already include spending on legal fees, data recovery, and IT forensics. It may not involve the potential revenue loss, which at least 29% of the businesses encounter.
Rebuilding trust and reputation may be a lot harder to work on. It can take months before a person decides to do business with the company again.
Most big companies can survive after a data breach. Take, for example, Facebook and Equifax. The smaller ones are at a higher risk of shutting down due to the costs involved. A National Security Alliance research found that 60% of small enterprises that experienced a cyber-attack closed down within six months.
Solution: It’s important for businesses to thrive amid the cyber-attack threats. But a company needs a detailed strategic IT security plan. Companies that specialize in business and technology consulting can help. They can:
- Analyze the existing IT infrastructure to assess the readiness of the current systems
- Conduct cyber forensics to determine the level of risk or vulnerability of the company
- Provide awareness and education to help reduce the exposure risks
- Design or improve IT security programs or policies
There are many reasons plenty of businesses still don’t invest in cybersecurity. In reality, they may not be justifiable. The benefits always outweigh the risks and consequences of having none.