The Financial Worth of Cybersecurity

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 being made around the globe and the majority of them are targeted at enterprises in the United States.  
 
If you look back over the last five to six years, you can find some of the biggest cyber incidents of all time. World-renowned or well-known companies like Marriott, Yahoo, JP Morgan/Chase, eBay, and Home Depot have all experienced a cyber incident, and the effect is catastrophic. These events 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. 
 
Take a look back at Yahoo in 2013 and 2014, their company was once worth over $100 billion, but was bought by Verizon for $4.5 billion. The cyber event involved three billion users and is the largest cyber-attack of all time. 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 cybersecurity company in order to avoid devastation. According to IBM’s annual cybersecurity report, the average cost of a breach in 2022 was about $4.35 million. That average is based off of all companies that were impacted around the globe, but the cost was even higher for companies in the US — $9.44 million.  
 
As you may be well aware, you must follow specific regulations if you hold any kind of personal information of an individual within your company. While there may seem to be a lot of services that you can set up for your online security, you are better off relying on a cybersecurity company that can provide you with a full service around the clock. For any questions or inquiries, contact us today!