Cybercrime is a vague and ominous reality for most people. We know that hackers and criminals are capable of breaching web systems, but we don’t know exactly how they do it.
That ambiguity, as well as the fact that most of us are statistically unlikely to get hacked, makes it easy to justify skirting cybersecurity updates and other digital safety measures. It’s important to understand the true cost of cybercrime for businesses, though.
80 percent of large US businesses will experience a successful cyber attack in the next year.
We’re going to take a look at the average cost of cybercrime today. We’ll look at the financial cost and the network of factors that contribute to those damages. Let’s get started.
What Is The Cost Of Cybercrime?
If you’re curious about the potential cost of cybercrime to your company, ask yourself how much you have to lose. Cybercrime has the ability to derail your entire business and put you under.
The estimated cost of cybercrime in the US for businesses is anywhere from 11 to 26 million dollars. Naturally, small businesses aren’t subject to the same damages, and massive corporations might see those numbers jump a lot higher.
In any case, though, savvy criminals can access key information and derail your business in ways that would halt or end your business.
Loss of Reputation
If you have a platform where customers or users engage your services online, a cyber threat poses a critical threat to you. If you’re hacked, your users will lose a significant amount of trust in your business.
People might not want to purchase through your online eCommerce platform anymore. You’ll lose subscribers. That reputation loss might extend into your brick-and-mortar stores as well.
It’s very difficult and expensive to recuperate your reputation after a cyber-attack destroys it.
The man-hours you dedicate to recovery have to get factored into the cost as well. That’s time and money you could be paying people to do things that improve your business rather than clean up the wreckage.
A serious attack could prevent your employees from going further with their work for a period of time. It might take a few weeks for technology professionals to sort through the damage and get your servers to a place that’s safe again.
It’s not all doom and gloom, though. There are ways to significantly improve your cyber-security. Part of the process is ensuring that you update whenever possible and incorporate the business security software that your devices present to you.
Further, you should seek help from professional security services. You can learn more about these services here.
Want To Learn More About Technology?
The brief guide that makes conducting a Cybersecurity audit simple. The cost of cybercrime is significant worldwide. Wherever you are, there’s a good reason to protect your devices, servers, and all of the data within. The investment in security is far cheaper than the damages of an attack.
There’s a lot more to learn about using technology safely. We’re here to help. Explore our site for more ideas on cybercrime, security, technology, business, and a whole lot more.