The cost of cyber insecurity

The expense of being cyber insecureIf you think being cyber secure is an unnecessary expense, consider these five facts:

  1. The average cost of a data breach is now $6.5 million.
  2. On top of this, lost business costs average $3.72 million (both statistics from IBM and Ponemon Institute’s 2015 Cost of Data Breach Study: United States).
  3. 20% of customers terminate their accounts with breached companies immediately after an incident, and 40% consider it (Ponemon, Lost Customer Information: What Does a Data Breach Cost Companies?).
  4. 54% of companies believe it can take anywhere from ten months to more than two years to restore a company’s reputation following a data breach (Experian and the Ponemon Institute).
  5. 60% of breached small organizations close down within six months.

Does effective cybersecurity seem an unnecessary expense now?

Not even the most profitable, well-known organizations could come out unscathed from a data breach that strips them of millions of dollars, is considered a PR disaster, unearths a constant stream of angry clients and customers, and forces them to deal with a number of potential lawsuits (not to mention the sleepless nights).

The thing is, most of us don’t like to think about – or, indeed, focus on – the possibility of suffering a data breach and how our organization would cope. Why? It might be too big an issue to comprehend, or it could be a simple case of it-won’t-happen-to-us syndrome. For many businesses, it’s an issue that’s swept under the carpet or put at the bottom of a to-do list. You promise yourself you will get round to tackling it one day… one day…

The reality is that you will be breached; it’s just a case of whether you’re aware of it

ISO 27001, the international standard for information security management, is the backbone of effective security. It not only considers all areas of your business (people, processes, and technology), but registration to the Standard also proves to your clients and stakeholders that you take cybersecurity seriously.

ISO 27001 registrations have seen a steady increase in the US over the past seven years. According to the latest ISO survey, 36% more organizations were registered to ISO 27001 than the previous year.

ISO 27001 is already a popular standard in Japan and the UK, and now organizations throughout the US are beginning to realise the staggering benefits that this ISO standard can bring to businesses in an age of increased focus on data privacy, internet safety, and malware.

Cybersecurity costs money – but so does cyber insecurity

What’s certain is that cybersecurity costs considerably less than cyber insecurity.

There are many options out there to help improve your company’s cyber defences, but if you want a holistic approach that is recognized worldwide, then consider ISO 27001.

ISO27001 Get A Lot Of Help PackageAvailable for a fixed price, the ISO 27001 Get A Lot Of Help Package combines core resources, tools, training, and consultancy time to help your business implement ISO 27001 and get registration-ready.

Covering all aspects of implementing, auditing, and assessing your ISMS, this package is one of the most cost-effective options available for organizations that want full control of their project.

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