Posted: August 6, 2019
Submitted by: https://www.theaccessgroup.com/blog/how-much-money-would-businesses-save-if-they-avoided-a-security-breach/
How much would businesses save if they avoid security breaches?
Did you know that £22,700 is the annual average cost for businesses that have lost data or assets after a breach?
That’s according to the latest Cyber Security Breaches Survey by the Government’s Department for Digital, Culture, Media & Sport. While the quoted figure is just a drop in the ocean for a multinational; for SMEs, it could be the difference between being able to continue trading, or having to shut down.
Not only has this average figure risen from last year (£22,300); smaller businesses are also seeing rising costs in cases where cyber attacks are able to penetrate an organisation’s defences.
One thing is for sure, that this survey highlights that the costs of cyber security breaches can be substantial. What would you spend £22,700 on?