Select Page

How much does a data breach cost?

We see the headlines every day another company has fallen victim to a data breach. Yes, the breach can be caused by intention through hacktivism, whistleblowing, or just by human error.

Real question is, what does it cost?

There are several ways to calculate these costs to the business.

  • Customers lost faith in the company. Impacts the value of brands goodwill.
  • Loss of partnerships, or contracts with vendors because vendors try to shield themselves from the PR backlash.
  • Cost of having to protect customers data through issuing credit reporting tools.
  • Cost of developers to repair the hack.
  • Legal and litigation bills resulting from the data breach.

As you can see, the cost of your data breach can add up quickly. There was a report that 60% of Small to Medium size businesses end up going bankrupt after a hack or significant data breach.

60% of Small to Medium business have to close six months after a breach.

If you assess the cost factor of your business may need to close its doors, and you lose everything. The cost can be high.

Uber’s 2016 data breach totaled $148M in fines alone. Let alone the millions in bad press, customer churn, and legal fees.

The sad reality is that a lot of “hacks” or “data breaches” could have been prevented with better cybersecurity training. Companies look at the cost of these training programs and think they are ok without them. But this is the wrong way to assess the value of cybersecurity programs.

Companies need to understand that if they are connected to an internet connection, they are vulnerable to a hack attempt. Data breaches can also be caused by former employee’s who take your customer database to their new employers.

Reports estimate the average cost for a data breach is $3.62 Million dollars.

This money could be better spent on hiring great teams, building awesome products, expanding into new markets. But unfortunately, it gets spent in all the ways you don’t want it spent.

How is your company handling these everyday cybersecurity threats?

Can all your employees spot a phishing email?

Are all your employees aware of the different threat vectors used by hackers?

If all your employees can’t even spot a phishing email, you’re going to understand the true cost of this lack of knowledge.

Business Owners pay for the cybersecurity training one way or the other. The reality is being proactive and implementing a monthly cybersecurity awareness training program. It’s much cheaper than the cost of a resulting data breach.

If you want help with your Cybersecurity training programs reach out to the ChatFortress team and let us help you implement a fun and effective training program for all employees.

What make’s our cybersecurity training programs different?

We use micro-engagement lessons with short quizzes delivered via SMS to your team. Cybersecurity does not need to be boring 45 minute workshops. ChatFortress helps you to design a culture of cybersecurity awareness to helps your employees protect themselves and the company. Learn more

ChatFortress Eliminates Bank Transfer Wire Fraud and Eliminates Email Phishing Attacks!

Helping you verify the device and the person you’re sharing wire information with via our secure chat platform. When you need to validate the person you are sending information you need ChatFortress communication. To speak with a ChatFortress Agent call (307) 999-7755. If you want a demo you can Schedule a ChatFortress demo here.