Cyber Breaches Cost SMBs an average of $117k in 2017

A recent study looked at the costs of cyber breaches for 2017 to find that the average costs to small and medium sized businesses who experienced a breach was $117,000.  They outlined the average cost b

y breach type for SMBs as below:

Financial impact on SMBs by breach type

  1. Targeted attacks ($188,000)
  2. Incidents involving non-computing connected devices ($152,000)
  3. Physical loss of devices or media containing data ($83,000)
  4. Inappropriate IT resource use by employees ($79,000)
  5. Viruses and malware ($68,000)

The top financial pain points indicated for those organizations include an average of $21,000 in lost business and another $21,000 in costs related to hiring external professionals to recover from the breach. This coupled with fines, reputation damage, hiring credit monitoring companies, notifications to those affected etc. can bring a small business to its knees.  Another study shows that 60% of all SMBs breached go out of business within 6 months of said breach. A staggering statistic.

A comprehensive security program tailor fit to your organization can help prevent you from becoming one of those statistics.  Contact Us today to find out how we can help you defend yourself from cyber criminals.

 

 

 

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About the author

Michael Giuffrida has been building and operating successful businesses since 1997. He focuses on organizations in the information technology and managed security services space.