The Financial Worth of Cybersecurity

December 9, 2021

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Online healthcare, online banking, online shopping and online interaction — almost everything now has a digital version, and with that comes the need for online information protection. Each day there are millions of attacks made around the globe and the majority are targeted at enterprises in the United States. There really isn’t much more reason to discuss why cybersecurity companies are needed in today’s world. 

If you look back over just the few years alone, you can find some of the biggest breaches of all time. World-renowned or well-known companies like Facebook, LinkedIn, Alibaba, Marriott, Yahoo, JP Morgan/Chase, eBay, and Home Depot have all been breached, and the effect is catastrophic. These breaches ultimately provided hackers access to individual’s personal information (DOB, email addresses, passwords, etc.) and financial information. In the end, the effect reaches billions of people and can cost these larger companies just as much financially. 

Look back at Yahoo in 2013 and 2014, once worth over $100 billion, but bought by Verizon for $4.5 billion. The breach involved three billion users and is the largest cyber-attack of all time. This breach dwarfs all other major attacks, but just this year, 700 million individuals lost personal information through the breach that attack at LinkedIn. As time passes, more digital defenses are being made, but attackers are not stopping. 

It doesn’t matter if you are a big fish or a small fish in the pond, your company needs to invest in a high-quality, full-serviced IT and cybersecurity company to avoid devastation. According to IBM’s annual cybersecurity report, the average cost of a breach in 2021 was about $4.24 million. That average is based off all companies that were breached around the globe and is the highest in more than seventeen years. These numbers break down to at least $160/individual who had their data stolen within a company’s network. Small and middle market companies are the most targeted with attacks occurring approximately every 11 seconds! Do the math – if all your customer and employee data were to be compromised, can you afford it? 

As you may be aware, laws specify you must follow specific regulations if you hold any kind of personal information within your company. It is most likely you are an expert in your line of business and not cybersecurity. You really are better off relying on an IT and cybersecurity company that can provide you with full service around the clock to keep your company cyber safe. 

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