How much can cyberattacks really cost?

How much can cyberattacks really cost?

Sure, you’ve heard about cyberattacks. But if you’re with a small or mid-sized company, having your own cyberattack plan might seem like taking “better safe than sorry” a little too far. And if you’re a bigger company, it might not be the top priority — however, it may save you thousands, if not millions, of dollars.

Cyberattacks are on the rise, and it’s unlikely for the increase to stop anytime soon. With the high cost of data breaches, it’s definitely worth your while to invest in cybersecurity measures.

According  to this article by CSO, the average cost of cyberattacks in 2017 on U.S. enterprises is $1.3 million and $117,000 for small and medium-sized businesses. That was part of an 11 percent increase globally. Cybersecurity needs to be looked at as a lifelong investment. With cyberattacks continuing to rise in America, your company is more at risk than ever before. Businesses of all sizes are expanding their IT budgets so they can ensure they won’t lose out on thousands of dollars if a cyberattack did occur.

The article lines up the incidents that had the most severe financial impact in 2017. The incident that cost enterprises the most money was physical loss of devices or media containing data at $2.8 million, followed closely by incidents affecting IT infrastructure hosted by a third party at $2.2 million. Interestingly, the incidents affecting small- to medium-sized businesses varied greatly from enterprises. Targeted attacks had the biggest financial impact at $188,000, with incidents involving non-computing connected devices coming in second at $152,000.

Spend your IT security budget wisely. At Across Borders, we are experts at helping both small and large companies customize a plan to protect themselves. We offer security controls that deliver predictive analytics, prioritized threat data and real-time monitoring. Our services can help your company stay safe and save thousands. Contact us today to see how we can optimize a plan for your company and its needs.

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