This new article in Forbes, “The True Cost Of Cybercrime For Businesses” makes it clear that cyber-crime is something the world should begin to take more seriously. The ransomware and hacking epidemic has grown out of all proportions. Businesses today are spending more than ever on cyber security and yet many are still being victimized.
Just a few years ago, no one knew what a cyber-attack was and no one knew how ransomware worked. But today almost everyone has heard the tale of woe. From Experian to Uber, no one has been bullet proof. As we look to the future of business, this is a cost that must be incorporated in your operating expenses.
One cyber-attack can bring a business to its knees. Besides the cost of the breach, there are always unexpected expenses that you can’t budget for. This includes things like marketing to try and mitigate the damage to your brand. In some cases, your customers will sue making the case that you were not doing enough to protect their data. There is usually a six month long investigation into the incident. During all this time your business is faltering. You are not making sales and you are not focused on your company’s mission.
These are just a few of the things that business owners don’t think about when considering the cost of a data breach.
A new report done by IBM and the Ponemon Institute says that hacking attacks cost the average U.S. business $15 Million a year! Of course this includes direct and indirect expenses. The thing that surprises most business owners is that it doesn’t matter what industry you are in or the size of your company.
Today hackers are targeting small and mid-sized businesses because they do not have strong security protocols. They are easy to hack. It takes almost no effort or time so it has become very profitable for cyber criminals.
The FBI is warning business owners not to pay the ransom. They say that paying the ransom amounts to no more than supporting cyber criminals in their work. But the bottom line for business owners is that they need to take the cheapest, easiest course of action. This will allow them to get their data back and get back to work.
Large corporations are harder to hack and they have much better IT personnel than most small businesses. If you have the best IT security that money can buy, along with a team of IT professionals, you can make the work of a hacker much more difficult.
Hacking tools themselves have become much more sophisticated. Criminals can afford programs that make the job so much easier. The Internet is full of tips and tricks to help cyber thieves commit the perfect crime every time. Even the FBI has been slow in figuring out how to stop them.
On May 7, 2018, the FBI released the Internet Crime Complaint Center (IC3) 2017 Internet Crime Report, which highlights popular Internet scams.
It contains a lot of eye-opening statistics.
Here’s how 2017 shaped up. Losses included:
- Over $60 Million due to corporate data breaches where confidential data is transmitted, viewed, stolen, copied, or used by an unauthorized individual.
- Over $676 Million due to Business Email Compromise and Email Account Compromise.
- Over $29 Million due to Phishing/Vishing/Smishing/ Pharming. These are unsolicited emails, text messages, and telephone calls purportedly from a legitimate company requesting personal, financial, and/or login credentials.
- Over $5 Million from Malware/Scareware. This is software that can damage or disable computers and IT systems.
- Over $2 Million from Ransomware, a type of malicious software designed to block access to a computer system until money is paid.
So What’s The Answer?
Obviously, you must protect your business so it’s important to find the best ways to do this. Of course, most small businesses are dealing with the budget. There are ways to improve your IT security without breaking the bank
Read the NIST report at https://nvlpubs.nist.gov/nistpubs/hb/2017/NIST.HB.162.pdf for some great tips in accomplishing this.
For some business owners, they just do not have the time and resources to follow all the security guidelines. Many small business owners look for help. When you have a team of IT specialists to guard your records and database, you can go back to running your company and forget all about hackers. At KYOCERA Intelligence, Inc. we provide all those services and more:
- Security that promotes extensive visibility, increased compliance, rapid response, and the ability to manage vulnerabilities and cyber threats across your entire enterprise.
- A bundled security offering encompassing an anti-virus solution, intrusion prevention firewall, data encryption, email and web protection, and integrity monitoring.
- Mobile Device Monitoring with security for your mobile devices and support for your BYOD (bring your own device) policies.
- Solutions to help you comply with HIPAA, SOX, FFIEC, FISMA, PCI or DSS, and many other regulations.
- Remote monitoring and management of your network and computers to detect intrusions and block them before criminals can steal your data.
- Protection for your PCs, laptops, tablets, servers, and other computer devices such as point-of-sale machines, using continuous cloud-based updates.
- Tailoring to meet your business’s unique requirements and ensure that today’s and tomorrow’s cyber threats don’t go undetected.
- Security risk assessments to assess and identify vulnerabilities and modify your overall security posture.
- Security Awareness Training to educate your staff on security awareness which is crucial to your data privacy.
- Penetration Testing and Ethical Hacking to reveal how effective your security measures are.
- An enterprise, cloud-based Backup and Disaster-Recovery Service, so your data is always secure and retrievable.
If you’d like to learn more about how KYOCERA Intelligence, Inc. can protect your business from the growing number of global cyber-attacks, please contact us. We have the tools, resources, and expertise to stop attacks from occurring and ensure that your data and computer assets are safe and secure. Call (800) 875-8843 or email ITSolutions@osisit.com.