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Complete I.T. Blog

What Is the Cost of a Data Breach to SMEs?

by | Oct 27, 2021 | Cyber Security, Data Recovery

What Is the Cost of a Data Breach to SMEs?

A data breach caused by a cyber attack could leave your business out of pocket. Not only are there monetary implications, but your organisation could also suffer reputational damage which could lead to business closure.

Cyber security should be a top priority for all businesses, small or large as anyone and everyone could be a potential target.

 

What are the consequences of a data breach?

Loss of revenue

“29% of businesses that experience a data breach end up losing revenue, of those that lost revenue, 28% experience a loss of 20% or more” according to the Ame Group.

Depending on the type of data that was lost, GDPR and data protection related fines may result in further loss of money along with customer compensation.

Business downtime

A data breach caused by a cyber attack such as ransomware would leave your business in the dark and without any data to operate. No data and no access to your critical business systems would result in your team being unable to carry out their jobs and customer frustrations if they can’t get hold of you or you are not carrying out the required services and support.

Reputational damage

Rebuilding broken trust and damage to brand name after a data breach can take years. In some cases, some organisations may shut their doors permanently, which is the case for “60% of small businesses that close their doors within 6 months of an attack” (Fundera).

How can you help prevent falling victim to a cyber attack?

Cyber security solutions

Implementing robust cyber security services and support is an important layer of protection. From an effective firewall, email security and endpoint security on all of your devices, ensuring you have a solid cyber security approach is essential.

If you don’t have an in-house IT team, it is important to discuss your IT roadmap with your outsourced IT Support Provider to ensure you are getting the most secure and effective cyber security support for your business needs.

Disaster recovery and Business Continuity

Another important layer of protection is having a plan in case of the worst-case scenario. A disaster recovery solution will empower your organisation to bounce back if data is lost. You’ll be able to recover your most recently saved data and proceed to operate, essentially “business as usual”.

User education

When “95% of breaches are caused by human error” (Cybint) educating your team on cyber security is a must. Your team have a key part to play in helping keep your organisation secure which is why teaching them about the types of threats they may encounter and how to prevent falling victim to them is important.

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