The move to the digital realm is present in almost all aspects of business: From healthcare and banking services to shopping experiences and communication exchanges. This shift has created an emphasis on online information protection that continues to increase as countless intrusion attempts take place every single day. In fact, the majority of these cyberattacks are directed at US enterprises, highlighting the vulnerability and risk we face when engaging virtually.
Learning from a History of Cyberattacks
When we look back over the past five to six years, we find some of the worst cyberattacks in history. Well-known companies like Marriott, Yahoo, JP Morgan/Chase, eBay, and Home Depot have all had glaring security weaknesses that have been harshly exploited. This pushed forward disastrous consequences: hackers accessed confidential data from entire populations of people, from profiles to personal information including dates of birth, email addresses and passwords as well as bank account details. The repercussions of this are widespread and could potentially reach billions globally –these incidents don't just incur reputational losses but can be severely detrimental due to resulting financial expenditure trying to repair the problem afterwards.
Cybercriminals are Relentless in their Efforts
Take a look back at Yahoo in 2013 and 2014: the company was so successful that it was worth over $100 billion. Unfortunately, it was acquired by Verizon for a fraction of that number–$4.5 billion–following their massive breach involving three billion users; the greatest cyber attack in history. It was this monumental event that dwarfed all other major breaches that occurred prior to it, such as the 500 million individuals who lost personal information after Marriott's attack. As we enter into a more digitally utopian state with sophisticated protection systems, attackers continuously work to find new ways of infiltration.
The Cost of a Data Breach
No matter the size of your company, investing in a trusted, full-serviced cybersecurity provider is critical to avoiding devastation. According to IBM's annual report on cyber threats, an average breach will cost around $4.35 million in 2022 at a global level. Companies based in the US may face an even higher cost than that – as much as $9.44 million. It’s clear that all companies need to invest in the highest quality methods of defense and data monitoring if they want maximum protection against cybercrime.
Conclusion
Whether you're a small business owner who holds clients' personal information, or the CEO of a large corporation, safeguarding private data is a vital aspect of your operations. You and anyone else within your company must abide by strict legal regulations regarding the collection of this sensitive material. No doubt you may be considering using online protective services but for the most reliable safety measures it's best to seek out specialist cybersecurity companies that can provide constant monitoring. They will work closely with you to ensure all your users are kept safe and secure at every given moment.
With our broad spectrum of cybersecurity services, we’re well-positioned to help you with the specific security requirements of your business, whether for general protection or compliance purposes.
