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What Are the Real Costs of a Cyber Breach?

Cybersecurity and protecting customer data continues to be top of mind for not only banks, but retailers, software firms, and any company that stores valuable data. These days it seems not a week goes by without a report of another high-profile data breach. Protecting customer data is a concern for companies, both large and small.

While data breaches are costly for retailers and banks who must reimburse customer losses due to fraud, there are significant costs of a cyber breach to consumers as well. Overall, the true cost of data breaches is considerably higher than one would think, with the average cost of a breach increasing by 15% from 2013 to $3.5 million. According to the Ponemon Institute, the most expensive breach resolution for a company was nearly $31 million while the least expensive was still upwards of $750,000, not an insignificant amount for any company. 

Are you prepared? Do you have a robust security operations management system in place, if and when a data breach happens to your company? A breach can happen and proactive security operations management can minimize a serious operational, public relations and financial crisis. In addition to the monetary costs of a security breach, the damage to your brand, lack of trust and the potential loss of loyal and prospective customers is incalculable. Data breaches are an inevitable consequence of progressive technology and relying heavily on computer systems for much of our business practices and transactions are becoming the norm and not the exception.

How CyberSponse can help

We can provide you with a centralized command-and-control center to maintain constant vigilance and proactive awareness of the cyber and threat defense strategy. With a single pane of oversight, coordinating the efforts of your complete team becomes streamlined and automated, preventing loss of time, confusion, inability to communicate, unnecessary stress and mitigating damages. Efficient communication, quick response, and a well-coordinated effort will help reduce time to recovery from events that threaten your network. We can help you decrease the costs of a cyber breach you might encounter.

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