When it comes to investing in securing the data of your business, many owners claim their business budget doesn’t support this option. Another excuse is, good IT services in Albuquerque are not easily found. However, this just increases one for risk of suffering from data breaches. Additionally, when you take a look at the cost of a data breach, you might change your mind.
The U.S Has the Highest Average Cost in Data Leaks
In the U.S, the average cost of data breaches comes up to $2.2 million to $6.9 million, regardless of how big or small the business is. Other countries don’t have such high numbers to deal with. It should be noted, these figures only relate to minor breaches where the number of stolen, lost or compromised files and data only comes up to a few hundred or thousand.
Larger breaches, like the one at Equifax, aren’t factored in this number. Mega breaches are actually more expensive ranging from $40 million to $350 million. In mega breaches, the number of files being lost, compromised or stolen came up to millions as well. The good news is, businesses with good IT measures in place were able to save as much as $1 million from the cost.
However, most small to mid-sized businesses cannot afford the cost of a data leak. While better security measures are also being introduced such as improved IT services in Albuquerque, with each passing year, the cost per breach grows.
The following different factors also impact the cost of data breaches and better highlight your business won’t be able to afford a data leak
Ransom or Extortion
Data leaks are also associated with ransom or extortion efforts from the hackers. HBO had the most notorious data breach ransom case with hackers asking for $6 million in Bitcoins. Surprisingly, other businesses like Uber have readily paid the ransom when they were in the same scenario.
In fact, consumers were both shocked and angry Uber paid hackers a total of $100,000 to delete the stolen data they had acquired. However, most businesses cannot afford to pay such huge sums. Combined with the loss they face from the data breach, the ransom or extortion money is often too much for the business to pay for.
Loss of Credibility
Loss of credibility has a crippling impact of data breaches since the consumers are losing faith in the business. Anytime this happens, consumers will be less hesitant to work with a particular business. With lagging demand and a damaged infrastructure, the business will be more likely to have to close shop.
It’s very difficult for businesses to support themselves properly in terms of IT Services. As a business owner it’s your job to allocate resources efficiently, strategically, and intelligently. We think you’d agree, prevention is better than the cure. IT services Albuquerque experts are here to help you and your business succeed.
With the help of these simple services, you can easily ensure you’re not wasting money and are getting the most out of your chosen program.