Cyber Threats Can Affect Your Organization – No Matter the Size
Cybercriminals can exploit computers and other devices to spread malicious software, disrupt computer systems or software and steal data. The impacts of these online attacks can have real and sometimes devastating effects.
With security cameras and other hardware connecting to the internet or internal networks, security systems can be a potential target. That’s why IT Outlet encourages the use of Genetec. Genetec doesn’t just focus on security but also security-of-security to ensure the security system won’t introduce new vulnerabilities to your network.
Small Businesses Can be Affected by Cyber Threats
You might think your business is too small to be a target for cyber attacks. In fact, Genetec ran a poll last year on Twitter in which 39% of respondents believed that they are safe from cyberattacks.
Anyone can be affected whether your company has 10 employees or 10,000.
The IBM/Ponemon study noted the average cost of cyberattacks for smaller businesses is typically less than faced by big companies. However, the financial impact is harder to recover from:
- The average cost of a cyber attack for organizations with more than 25,000 employees was $4.25 million.
- The cost for medium-sized organizations, in the range of 5,001 to 10,000 employees, increased from an average of $4.41 million in 2019 to $4.72 million in 2020.
- The cost for smaller organizations, with between 500 and 1,000 employees, was reported to be $2.53 million in 2020.
Proportionally, smaller firms have higher average costs per employee than larger firms.
Financial Impact of Cyber Attacks
Even if the aim of the attack is not to steal money or coerce someone into sending cash, there is often a financial toll:
- Companies face legal, regulatory and technical costs to recover from a breach.
- Businesses lose productivity when the software they rely on isn’t working due to malware.
- Organizations can face interrupted operations and lose productivity as a result of their network or website being down.
- Victims often must pay to restore or replace damaged devices, or fix code on compromised websites.
- Customers lose trust when their data is breached, which increases turnover. The average cost of lost business due to lost trust in the IBM/Ponemon study was $1.52 million, or about 40 percent of the overall cost of a breach.
Cyber attacks can cost you time and money, threaten your reputation and privacy, and disrupt your business for years after the event. Thankfully, you have options to reduce your risk.
IT Outlet is here to help you have a security system that works for you and gives you the best protection. We are currently running the Genetec video surveillance and access control security system through our entire building.
Don’t need a new security system? Talk to us about an off-site back up and how important it can be to have that extra “data-insurance”.