Ignoring Cybersecurity? Here’s What It Could Cost You!
Cybersecurity may seem like something only large corporations need to worry about, but the truth is, cyber incidents can wreak financial havoc on small to medium-sized businesses too. In fact, the average cost of a data breach for businesses in this size range can hit anywhere from $120,000 to well over $1 million. That’s no small change! So, how exactly do these costs add up? Let’s break it down: The True Financial Impact of Cyber Incidents When a cyber attack strikes, the damage is not just limited to stolen data—it’s your entire business that pays the price. Here's where the financial bleeding happens: Ransom Payments: Pay Up or Lose Out Imagine the panic when your data is locked up, held hostage by hackers demanding a ransom. It’s a tough spot. You either pay the ransom with fingers crossed or risk losing access forever. And here’s the kicker: even if you ...