How much money would businesses save if they avoided a security breach?

Brought to you by The Access Group

Data breaches are gaining widespread attention as businesses of all sizes become increasingly reliant on digital data, cloud computing, and workforce mobility.

For any company, the data that it stores is of critical importance. It runs your systems, holds your email, makes sure that you get paid on time, ensures that you can invoice customers and pay suppliers. In fact, pretty much everything that we do now in a modern business involves the creation and storage of data. The data is so important that the loss of it would in many cases, cause significant impact or even failure of that business.

All businesses are susceptible to a breach, and the reality is that cybercrime is deadly to small and medium businesses, with 60% closing operations within six months of an attack.

With a rise in flexible working, and convenience in businesses, one option could be looking at a cloud based finance solution, as it can offer you a scalable and secure system to deliver you efficiencies and savings.

Did you know that £22,700 is the annual average cost for businesses that have lost data or assets after a breach?

That’s according to the latest Cyber Security Breaches Survey by the Government’s Department for Digital, Culture, Media & Sport. While the quoted figure is just a drop in the ocean for a multinational; for SMEs, it could be the difference between being able to continue trading, or having to shut down.

Not only has this average figure risen from last year (£22,300); smaller businesses are also seeing rising costs in cases where cyber attacks are able to penetrate an organisation’s defences.

One thing is for sure, th2at this survey highlights that the costs of cyber security breaches can be substantial. What would you spend £22,700 on?

Infographic

£22,700 is the annual average cost for businesses that lost data or assets after breaches.

What could businesses do with £22,700?

  • 65 New Dell Business Desktop Computers
  • 39 New Epson Scanner/printers
  • Cyber Security Protection Insurance for 19 Years
  • 19 Used Ford Transit Vans
  • 41 Bean to Cup Office Coffee Machines
  • 1,305,565 Cups of Tea
  • 133 Brand New UK Product Trademarks
  • 1 Year Marketing Support From a Top Specialist Agency
  • 38 Years HR Support Software at the Base Rate

In a recent report published by the government’s Cyber Streetwise campaign and KPMG, SME victims disclosed that:

  • 89% felt that attacks impacted upon their reputation
  • 30% reported a loss of clients
  • 25% received negative reviews on social media
  • 26% were unable to grow in line with previous forecasts
  • 9% of businesses suffered operational limitations

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