Calculating the True Cost of a Cybersecurity Attack
Still not sure spending money on cybersecurity protection is a worthwhile investment in your organization? Does your organization understand what the true cost of a cybersecurity attack on your business would be without solid security solutions in place?
Here are some facts to help educate:
- The average cost of a malware attack on a company is $2.4 million.
- The average cost in time of a malware attack is 50 days.
- The most expensive component of a cyber attack is information loss, which represents 43 percent of costs.
- The Equifax data breach cost the company over $4 billion total.
- The average cost per lost or stolen records per individual is $141 — but that cost varies by country. Data breaches are the most expensive in the U.S. ($225) and Canada ($190).
- In companies with over 50,000 compromised records, the average cost of a data breach is $6.3 million.
- Including turnover of customers, increased customer acquisition activities, reputation losses and diminished goodwill, the cost of lost business globally was highest for U.S. companies at $4.13 million per company.
- Damage related to cybercrime is projected to hit $6 trillion annually by 2021.
As anyone can see, protecting your organization from cybercriminals is a numbers game: invest thousands in cybersecurity now to avoid losing millions to cybercrime later. 2W Tech offers a full range of Cybersecurity Consulting Services to help you protect your systems, detect threats, and respond to cybersecurity incidents. Contact us today to learn more.