An Alarming 60 % of Companies Go Out of Business Following a Cyberattack — Don’t Let Yours Be Next
In a challenging economy, every business is looking for ways to save money and retrench. But sometimes when companies go searching for ways to trim the fat, they put themselves at risk of cutting too close to the bone. Cybersecurity budget cuts can translate into weakened defenses that open your business up to cyberattacks. That’s not a good idea when 60 percent of companies go out of business within six months of experiencing a cyberattack.
Why? Cyberattacks are expensive in more ways than you might expect. You’re not just paying for immediate damage and repair like other damaging disasters. You’re also contending with loss of business costs, lost productivity, bad publicity, added payroll hours, new security tools, investigators, regulatory experts, penalties, legal costs, ransoms (if you choose to pay them) and many other factors that drive up costs while you struggle to repair your business and get it back on its feet. In addition, only about half of businesses have a cybersecurity incident response plan ready to swing into action in the event of a cyberattack, and that can lead to longer remediation times and wasted money.
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Cyberattack Damage Can Linger
It’s not just the initial hit in a cyberattack that’s driving companies into the red. In an expert breakdown of the cost of a data breach, it’s easy to see how the impact of a cybersecurity incident can linger. Companies that do survive the blow will still be paying for remediation, damage and lost business for years while wrestling with the ongoing reputation damage. After paying for immediate investigation, mitigation and repair, the bills from a cyberattack don’t stop coming. Around 61 percent of the cost of a data breach is paid in the first year after impact, an estimated 24 percent comes due in the next 12 to 24 months, and the bills for the final 15 percent can arrive more than two years later.
Building and maintaining a clear, manageable cybersecurity incident response plan is critical for reducing incident damage in the event of a cyberattack. Speed is of the essence when responding to a cybersecurity incident. The faster you start mitigating damage, the mere you can minimize its impact on your operations. The most recent IBM/Ponemon Institute Cost of a Data Breach Report details the benefits of speedy recovery with an incident response plan. Companies with a defined incident response team that regularly ran drills and a comprehensive incident response plan saw savings of $2 million compared to those that had no such measures in place.
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Another factor of rising importance in mitigating the cost of a data breach is security automation. Companies that have deployed security automation can save about 50% of the cost of a data breach. That means that choosing affordable, automated security solutions should be at the forefront of your security planning. Solutions like Graphus, an AI-powered automated phishing defense dynamo, give you faster incident discovery and response times as well as lowering your risk of a data breach. With the right combination of solutions and investment in automation, you’ll not only reduce your company’s risk of falling victim to cybercrime now, but you’ll also put your business in a strong position to be ready to face tomorrow’s threats.
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Contact the experts at ID Agent today to discover how our solutions can protect your business from cybercrime. Investing in the right solutions now can help prevent a disaster from happening. That’s the best way to save money — and maybe even save your business.
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*** This is a Security Bloggers Network syndicated blog from Blog – ID Agent authored by Amelia Paro. Read the original post at: https://www.idagent.com/60-percent-of-companies-go-out-of-business-after-a-cyberattack