The Cost Of Not Taking Cyber Threats Seriously
Yes , cybersecurity and data protection efforts cost money . To determine if the investment is worth it for your business , simply weigh the upfront costs against the potential costs of a security breach while remembering that costs extend far beyond the initial breach .
Consider the following financial repercussions , or loss exposure , of a possible breach :
• Customer notification costs
• Incident response
• Forensic investigations
• Lost business revenue
• Industry fines and penalties
• Lawsuits
• Upgrade or replacement of systems
In addition to the financial consequences outlined above , the costs to your reputation may be the most devastating and harder to quantify . When customers patronize a business or contract for your services , they trust that their information will be kept safe and secure . Businesses that are victims of a data breach risk damaging that trust . That alone could be the end of any business trying to make a name in this world .
Small business owners owe it to themselves , their employees , and their customers to recognize the importance of cybersecurity and data protection while taking proactive steps to protect their organization from cybercrime . Rea & Associates is committed to providing you with tools , resources , and solutions designed to keep businesses safe amid digital uncertainty . Contact me today to learn more .
By Ty Whittenburg , CMMC-RP senior information assurance manager , cybersecurity & data protection services ty . whittenburg @ reacpa . com ( Dublin office )
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