The old axiom “security is only relevant when it fails” seems especially true after the seemingly endless string of massive cyber-attacks over the past few years. The costs of the security failures are staggering, and only seem to be increasing. According to the 2015 Cost of Data Breach Study: United States by the Ponemon Institute, a data breach’s total average organizational cost reached a benchmark $6.53 million, or about $217 per compromised record. And, the hidden costs, such as lost customer goodwill and increasing insurance premiums are immeasurable.
Speaking with Fortune Magazine, Benjamin Dean, a fellow at Columbia University’s School of International and Public Affairs stated “You can’t see losses and effects on the bottom line in terms of reputation damage.” Although large companies may be able to absorb those substantial losses, small companies and entrepreneurs may lack the luxury of size and scale necessary for their survival.
Indeed, within two years of a major data loss, 72% of small business are forced to shut their doors.
For a small business, the saved investment in data protection today may be the decision that ultimately pushes them into the red tomorrow. And so investments made towards data protection are also made towards their own longevity. Whole I.T. Solutions has extensive experience in assisting small businesses to prevent and mitigate data loss via steps such as:
- creating encrypted data backups for storage offsite
- employee education and awareness
- the installation of effective malware solutions
- the development of data-recovery and disaster-recovery plans