Since 2003, the month of October is known as the National Cyber Security Awareness Month (NCSAM). This effort, which was instituted to increase the awareness on cybersecurity initiatives was created to keep people safe and secure online. This initiative should encourage business owners to hire an MSP that offers security services.
At Keeran Networks, we understand the importance of having a layered security defence and data recovery plan in place. That’s why we will be highlighting cybersecurity this coming month.
Most of this month's blog posts will focus on cybersecurity and security practices. Next week's post will touch on reputation control from a cybersecurity breach. In the following week, we will talk about how you can prepare for a cyber attack with a disaster recovery plan. The week after that, we will share with you five tips you can practice to keep your personal information secure online. And, finally, we will share a blog post that touches on a short security awareness user training that you can incorporate into your organization.
Loss of Data
en a company has a data breach, it undermines the customers’ trust in the company. This is because a large percentage of sensitive records taken are usually filled with customer data. The loss of data racks up more significant bills that just the cost of initial data recovery and added security measures. A breach can lead to potential fines, penalties and litigation for a business.
In May 2017, Target paid out an $18.7 million settlement over a data breach that took place in 2013. The company said that the total cost of the data breach was over $202 million.
Loss of Reputation and Damaged Brand Identity
The shockwave of a cyberattack can be felt years after the initial breach. This is because companies don’t just lose customers immediately following the attack, they can also lose the ability to gain new customers.
The lost data can often be restored, and the lost revenue can be compensated. However, recovering the brand's reputation is much more difficult. Once a customer feels like a company put their personal and financial information at risk, less likely to return to that brand.
What are the True Costs?
Calculating the total cost of a cybersecurity breach is hard to do and figuring the actual dollar cost is just the beginning. When a cybersecurity breach occurs, businesses and brands can have their reputations destroyed – which is have devastating effects in the long run.
According to the report written by McAfee and the Centre for Strategic and International Studies (CSIS), the global cost of cybercrime has risen to be an estimated $600 billion annually.
The report published by Cisco talked about the rising costs of cybercrime activities. According to the report, which consists of information gathered from interviews with 3,6000 CISOs, almost any attack will cost the victims at least $500,000.
The monetization of stolen data has become less complicated because of improvements in cybercrime black markets and the use of digital currencies.
Related blog: Best Practices for Protecting Your Email
We offer cybersecurity services in Edmonton and Toronto. We want to help your business increase its protection from online threats so that you can safeguard yourself from online threats.
In having a layered defence, businesses increase their protection from online threats and cybercriminals. Security services from Keeran Networks combine the right tools (such as anti-viruses, firewalls, encryption) with backup services, so our clients can surround themselves with a safe and secure wall.
Get in touch with us today to see how you can benefit from the cybersecurity services we offer in Edmonton and Toronto. We can help you keep your network safe.