Data breaches are becoming increasingly common which is a worrying sign for businesses, particularly mid to small sized businesses. Not only are they more likely to become targets of hackers and malware, but the breach can have a devastating impact on your business. For some, the data breach could end up being the final nail in the coffin. Due to this, getting IT services in Albuquerque is a necessity for your business.
Don’t think your small business will be a likely target? A study conducted by the National Cyber Security Alliance found that out of all cyber attacks and data breaches, around 70% specifically target small businesses. Data also shows out of this number, only 10% are able to survive the impact. A total of 60% of all mid to small sized business go out of businesses 6 months after they suffer a data breach.
Why is a Data Breach so Dangerous?
Many business owners don’t consider the dangers data breaches and cyber attacks pose on the business. Getting IT services in Albuquerque is a necessity for all businesses to protect against data breaches and cyber attacks.
To really understand the impact data breaches pose, pay attention to the following:
Theft of Intellectual Property
The biggest threat is the theft of intellectual property with data breaches. Hackers can get into the system and steal files as they please. The biggest and most notorious example of this was when the TV channel HBO got hacked. The hackers made away with 1.5 terabytes of data which included various unaired episodes of popular TV series such as Game of Thrones.
Sometimes, hackers can reach out to the business and offer to destroy or sell the data back to the business for a high cost. The hackers who go into HBO’s systems asked for $6 million in Bitcoins to give the files back or else they would release the unaired episodes. HBO stood to face huge losses because of it but they didn’t comply. True to their word, the hackers released the episode. HBO got a lucky break here since fans loved the episode so much they rewatched it when it was released on their channel too.
Loss of Credibility
With a data breach, loss of credibility is the biggest thing causing businesses to die. The main reason is the customers are the ones who get personally impacted by the breach. Email addresses, Social security numbers and more fetch a very high price on the black market. Identity theft is also a risk that they have to face. With the right IT services in Albuquerque, your business can give your customers more confidence to work with you.
If you add in the ransom amount, the breach as well as the value of the information, the average cost for a cyber attack is too high for a business to recover from. In the U.S. the average cost ranges from $2.2 million to $6.9 million. When faced with this figure, getting excellent IT services in Albuquerque is a better option.
Keep your business safe – not just for you, but for the people you serve.