An ounce of prevention is worth a pound of cure.
Benjamin Franklin may have been thinking about the value of time. It often takes longer to repair a mistake than to do it right the first time. In today’s cyberbusiness-world, time is even more valuable.
When there’s a security violation, the loss of time and cost of remediation can be fatal. You’ve got to work fast and smart to repair the damages of a data breach.
The Co$t of Data Breach Remediation
Failure to respond urgently, transparently, and with empathy
can result in a near extinction-level event. –Adam Levin
The cost of data breaches spiked 6% in 2017. And an IBM study indicates the costs have already increased nearly 5% by the third quarter of this year. Cybersecurity breaches can hurt your company’s wallet in many ways.
Direct costs are the immediate out-of-pocket repairs and restoration of data your company has to complete. Quickly.
Indirect costs can include:
- Litigation – Resulting data breach lawsuits can drag into the next decade. Many customers can seek monetary compensation, “…even when financial losses cannot be quantified,” says InformationAge.
- Penalties – 51 U.S. states have fines and penalties relating to breaches within corporate clients’ personal data. It’s time for federal governance. We should be following the European model (GDPR) sooner, rather than later.
- Reputation – The stigma of a cybersecurity failure shakes the confidence level of current customers. But it can also have a deadly impact on the potential market share.
No Company is Too Small
“Don’t think for a moment that your organization isn’t that interesting to a hacker…no company is too small, too unimportant, or too irrelevant,” said digital security expert/author Adam Levin. “Think Game of Thrones: A breach is coming. You must have a plan – and a few dragons.”
One company revealed it took 1,000 hours for IT professionals to discover the hackers’ methods. Another company said the impact on business and IT performance was unexpectedly high. The cost of strategic planning is minimal, compared to the financial/reputational damage and loss of employee morale caused by a Keystone Kops’ recovery.
Prevention is Key
Security awareness brings the concept of security to the entire organization, ensuring technical and non-technical employees can all be stewards for security throughout your organization. -Dominic Grillo
If you’ve suffered a data breach, your Atrion team has the necessary tools to help you remediate quickly and effectively. We also offer training that can strengthen your technology professionals’ ability to prevent and manage risk control.
Having the necessary defenses in place is important. But breach prevention is the key to managing your company’s information. Atrion’s Security Awareness program is for everyone in your organization because that’s where data security management begins.
Atrion believes you shouldn’t limit yourself to commoditized security solutions. We customize training to work with your organization, targeting specific areas where more awareness is needed. Just as you don’t have to be a mega-conglomerate to be a target for hackers, you don’t need a large security solutions provider.