Proactive, preventative measures are the best defense against security threats. Businesses simply cannot afford to wait for an incident to happen and then react after the fact. Not only can it damage reputations and customer relationships, but it can also put you out of business permanently.
Security is no longer optional, which means businesses must make a stand. Proper security requires the active involvement of every employee, not just the IT department.
Unfortunately, we continue to see a high number of breaches and the amount is only growing.
When an organization experiences a breach, it is a serious event with many obstacles to overcome. The organization must:
- Identify the breach
- Contain the breach
- Recover technically from the breach
- Deal with public disclosures to any customers possibly affected by the breach
- Restore trust in its clients and partners
- Make improvements to existing infrastructure to mitigate the risk of future breaches
These efforts all incur costs. So, just how much does the average breach cost an organization?
An IBM study recently found that the average total cost of a breach in 2018 was $3.86 million—a 6.4 percent increase from 2017. IBM also reported that the average breach cost per lost or stolen record was $148 and the likelihood of a recurring material breach in the next two years was 27.9 percent. In the same study, IBM also discovered that organizations saved an average of $14 per record when having an incident response team.
Breach Costs Can Put SMBs Out Of Business
SMBs are easier targets for hackers. They typically are less secure than larger organizations due to smaller IT budgets, fewer administrators with security experience, and staff that is less likely to have recurring security training. This makes SMBs ideal victims for malware campaigns.
Such campaigns usually start with a phishing email that an employee opens; how far attacks spread depend on the security posture of the organization. Larger organizations who have security administrators constantly monitoring the network may be able to contain a threat before it becomes a serious issue, but smaller organizations often take a big hit since they have limited capability to detect and contain an attack. Thus, one cyberattack can put a small business out of business if the damages to systems and reputation are significant enough.
RG Technologies offers its 24/7 Managed Detection and Response service to address the typical shortcomings SMBs limited technology and to stop breaches in their earliest stages. The faster a company is able to identify and contain a breach, the lower the total cost of the breach – out of all the reasons to employ RG Technologies’ MDR service, this may be the most logical one.
To ensure organizations of all sizes, including SMBs, can experience the rapid detection and response of RG Technologies’ MDR, we offer this service at a very reasonable cost and we partnered with Blackpoint so that you can get all your IT needs taken care of at once – cyber security included.