Living in the internet age and being part of the 21st century is remarkable. A swipe of the credit card can buy the products we require and the cashless economy has dawned upon us. However, with all of our information hovering around, cyber threats are a liability for the current digital age. We entrust our personal details including our telephone numbers, email addresses, credit card details and much more information with major companies. While several companies may have substantial cybersecurity standards in place to resist cyber attacks, that hasn’t always stopped data breaches.
The Financial Impact of Data Breach
Over the past decade, we’ve seen massive data breaches and the cost of data breaches has risen exponentially with the growth of the e-commerce and internet. The data breach has affected some of the biggest and best companies in high-tech, retail, and many other industries. The financial damage caused by a data breach and cyber attacks have spiked by more than 6% since last year and now costs organizations an average of $3.86 million each, according to a new study.
Average cost of a data breach
However, the real expense of an attack against a company is not just the financial damage sustained or the cost of remediation, an online data breach can also inflict unimaginable reputational damage. Suffering from a cyber-attack can prompt customers to lose trust in an organization and spend their money at a more secure organization. Additionally, having a notoriety for inadequate cybersecurity can also lead to a failure to influence new government or business contracts.
Data Breaches and cyber threats are not only faced by a select few global companies but are also a threat to small or medium businesses all around the globe. The financial results from an online breach vary by country. In The United States alone, several companies experienced the highest average cost ($7.9 million) followed by Middle Eastern firms ($5.3 million). The least total cost was in India ($1.7 million) and Brazil ($1.2).
Reasons Why Cybersecurity is Essential for the Safety Of Businesses
Given the spate of cyber attacks, ignoring hazard when it comes to cybersecurity can be disastrous, therefore organizations across the world have started to take cybersecurity more precariously than ever. As the recent hacks and scams have shown, it is not only large organizations or corporations that are being targeted but also the personal data of ordinary people. From software to hardware, organizations are working day in and out to stay safe for cyber threats. Therefore, here are a few reasons why cybersecurity is essential for the safety of businesses.
1) The Rising Cost Of Data Breaches Exceeds More Than A Million Dollars
According to a recent report, the total costs after a data breach sum up to more than $1 million. Additionally, victims report issues, such as decreases in productivity or negative customer experiences all these directly leading to financial losses for organizations.
2) Increasingly Sophisticated Methods of Attack
Hackers have an increasing number of ways to use technology and rely on connected devices, but that also means the likelihood goes up for potentially unusual kinds of attacks. They have a lot to gain from successful data breaches, and there are instances of well-funded and coordinated cyber-attacks against some of the largest companies.
3) The Implementation of the Internet with Infrastructure
More smart devices and infrastructure are connected to the internet, commonly known as The Internet of Things. If not maintained accurately, each IoT device that is connected to the internet could contribute cybercriminals with a way into a business and infrastructure.
4) Government Regulations on Cyber Security
The introduction of regulations such as the General Data Protection Regulation (GDPR) means that organizations need to take cybersecurity more sternly than ever or face fines. The goal of cybersecurity regulation is to force organizations and companies to protect their data from cyber-attacks, unauthorized access and control system attacks.
Cyber threats and vulnerabilities can have substantial damages to organizations. Therefore the importance of cybersecurity is not something to take lightly, so it’s now more significant than ever to take protective measures. Organizations such as Cybernetic GI, have helped several businesses overcome their cyber threats and impose a stable security option for themselves. 
Cybersecurity is a valuable indicator of a mature approach to the protection of an organization from threats and financial losses. Talk to our cybersecurity experts today and implement strong cybersecurity for your organization.