What a Cybersecurity Breach will Cost You in 2021

Kyle Alejandro·3 min read

A year after the world was transformed by the COVID-19 pandemic, most companies and employees seem to have adjusted to their new normal. Concepts such as “remote work”, “Zoom call”, and “home office” have become commonplace and people have figured out ways to thrive despite their circumstances.

However, as teams and businesses have adapted to the newfound realities and challenges of working online, so, too, have cyber criminals, trolls, and hackers.

With most people still unconcerned or unaware of how important cybersecurity is for remote work, the opportunities for (and rewards of) cybercrimes, scams, and online attacks have only increased.

Cybercrime on the rise: Plotting the way forward

If you’re not convinced that you need to be taking your cybersecurity more seriously, here’s what a cybersecurity breach will cost you, your team, or your business.

I WHAT’S IN THE ARTICLE

  • Just want the numbers? Scroll down below for the financial breakdown
  • Want to learn more? Head to the bottom of the page for answers to some Frequently Asked Questions

CYBERSECURITY BREACH COST BREAKDOWN

Globally, experts project that cybersecurity breaches will cost the world $10.5 TRILLION annually by 2025.

On average, the cost of a data breach has reached $200,000. This means that just “an average” cybersecurity attack could potentially put a company out of business.

If you’re a small-to-medium business, a successful cyber attack will cost you roughly around $13,000-$38,000. Small businesses have, unfortunately, also become more common targets of cyber attacks, accounting for 43%-47% of cyber crimes.

If you’re part of an enterprise, the cost to recover from a cyber crime averages at about $551,000 or a little over half a million dollars.

FREQUENTLY ASKED QUESTIONS

What is a Cybersecurity Breach?

A cybersecurity breach (also known as a “data breach”) is defined by Kaspersky as “any incident that results in unauthorized access to computer data, applications, networks or devices”.

For businesses, this unauthorized access usually results in stolen work, damaged reputations, ruined client relationships, and a sizable financial loss.

Do Cybersecurity Breaches really happen?

Cybersecurity breaches happen everyday.

Though it often only makes headlines when a major corporation (such as Facebook or Amazon) experiences a cybersecurity breach, breaches of all shapes and sizes happen to all manner of companies and individuals of all walks of life.

Am I part of a big enough business to be the target of a Cybersecurity Breach?

Short answer: Yes.

Long answer: Businesses of every size are targets of cyber criminals, but small businesses might actually be at greater risk than big ones. This is because major corporations are usually more willing to invest a large amount of resources into making sure that criminals can’t steal their data- resources that small businesses often do not have. This, in turn, makes small businesses an easier target by comparison.

How do Cybersecurity Breaches happen?

Though cybersecurity breaches can happen in person (i.e. someone physically opening and accessing someone else’s office computer or personal laptop without the owner’s knowledge or consent), most cybersecurity breaches happen online.

Cyber criminals will often disguise a computer virus as something else, in the hopes that unsuspecting individuals unknowingly download it and “infect” their device and possibly the entire work network that the device is part of.

These viruses will often be disguised as official documents, emails, or applications from trusted entities such as banks, major corporations, or even actual colleagues. However, the “trusted entity” often turns out to either be a sophisticated and hard-to-spot fake website or email account set up by the cyber criminal or a previously legitimate account that has been compromised and is being used by the cyber criminal.

How can I defend myself against a Cyber Attack?

The best way to defend yourself against attack is through prevention.

Going after cyber criminals after a breach has occurred is a lot like trying to un-spill milk or un-tell a secret. Even if you do manage to actually track down and make the criminals pay back whatever monetary value the breach cost you, whatever proprietary and classified information was leaked can never be taken back.

The breach can result in ruined reputations, possible lawsuits against your company, and the loss of your competitive edge. For most companies, this kind of damage has no equivalent financial amount.

Learn more about preventing cybersecurity breaches here

Written byKyle Alejandro

This site uses cookies and other trackers to understand how users use the site. You can learn more about how we use cookies by reviewing our Privacy Policy.