…and what it could cost you!
The cyber-threat landscape is constantly shifting and evolving. Because of the wide variety of digital threats, there is no cookie cutter solutions when it comes to protecting your business from a data breach. A comprehensive security strategy is required, complete with several layers of protection and detection.
Malware
Malware refers to any piece of malicious software, whether that be a virus, ransomware, cryptojacking, spyware, etc. These threats are very advanced.
What will it cost you?
According to Accenture the average cost of a malware attack is $2.4 million. If that seems high, consider the fact that it takes an average of 50 days to recover from an attack. The cost accumulates over time due to business downtime, employee downtime, remediation, etc.
Email Phishing
Phishing emails are a cyber risk to businesses and individuals. Advanced phishing schemes tend to target organizations and attempt to disguise themselves as a normal vendor or a C-Level executive. Most malware attacks come through phishing emails.
What will it cost you?
A single lost or stolen record costs a business on average $225. The issue is businesses that fall victim to a data breach lose an average of 1,000 records.
Ransomware
Ransomware attacks are happening globally every minute. According to Cybersecurity Ventures, a new organization fell victim to ransomware every 14 seconds in 2019, and every 11 seconds by 2021. Ransomware is an advanced form of malware that encrypts your files and demands a ransom in the form of Bitcoin.
What will it cost you?
Between downtime, data loss and remediation. According to the Ransomware Marketplace Reports from Coveware, in Q2 of 2019, the average ransom payment increased by 184% to $36,295, as compared to $12,762 in Q1 of 2019. Many small businesses have even closed due to the inability to recover after a Ransomware attack.
Fileless Malware
Fileless Malware is a malicious attempt to use legitimate programs, like PowerShell which comes with Microsoft Windows by default, to infect a computer. It does not rely on files and leaves no footprint, making it challenging to even detect and let alone remove.
What will it cost you?
Due to the complexity and ability to hide from antivirus software, Ponemon reported that fileless malware costs an average of $5 million dollars when fully executed.
Human Error
The single biggest cyber threat to any organization is that organizations’ own employees. According to a study by IBM, human error is the main cause of 95% of cybersecurity breaches. The reasons for this risk can include employees’ lack of awareness of their personal responsibility for cyber security.
What will it cost you?
The average cost for a data breach caused by human error is $3.5 million.
It is not a question of will it happen, it’s when will it happen? In the information era, it’s the informed who are the influencers. Keep your eyes on these top 5 cybersecurity risks to best protect yourself and your company.
If you aren’t making IT security a priority, you are putting your business and reputation at risk. Biz Technology Solutions can provide the advice, tools and plans to help secure and protect your data while keeping your business compliant. Call 704-658-1707 and talk to a Solutions Engineer to discuss what makes the most sense for your business.
