Data breaches “will cost $2.1 trillion by 2019”, hitting small businesses the hardest

Five questions boards should ask about cybersecurityAs data breaches and cyber attacks continue to proliferate, a new report from Juniper Research (The Future of Cybercrime & Security) predicts that the cost of data breaches will quadruple over the next four years to $2.1 trillion, accounting for 2.2% of the world’s GDP for 2019 as forecast by the IMF.

Companies that suffer cyber attacks will face an average bill of $6 million and smaller organizations will be the hardest hit:

“Typically the most expensive forms of cybercrime are data breaches, those attacks which result in the criminals seizing business or personal records,” the report notes. “The cost of cybercrime is disproportionately heavy on smaller businesses. Larger organisations are more likely to be able to weather the resultant costs from a large scale data breach.”

Information security best practice for smaller organizations

As the cost – and likelihood – of suffering a data breach continues to rise, smaller organizations would be wise to plan for the future. Businesses that are concerned about their ability to withstand cyber attacks are therefore advised to implement an information security management system (ISMS) based on the specifications detailed in the international standard ISO 27001.

ISO 27001

An ISO 27001-compliant ISMS provides an enterprise-wide approach to managing information security risks that encompasses people, processes, and technology.

The external validation provided by accredited ISO 27001 registration will improve an organization’s cybersecurity posture while confirming to stakeholders, suppliers, and staff that best practices are being employed. Moreover, it is also often the case that companies will achieve compliance with a host of legislative frameworks – including state data breach notification laws and federal regulations such as FISMA, the GLBAHIPAA, and SOX – and international standards like the PCI DSS simply by achieving ISO 27001 registration.

IT Governance’s ISO 27001 Packaged Solutions provide fixed-price ISO 27001 implementation resources and consultancy support for all organizations, whatever their size, sector, or location, from under $600.

With their unique combination of standards, books, toolkits, software, training, and online consultancy, these implementation packages provide US organizations with all they need to implement the Standard and ensure their cybersecurity.

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ISO 27001 Packaged Solutions