Over the past 14 years, the average total cost per data breach has increased from $3.54 million in 2006 to $8.19 million in 2019. Security should be an important component of your business. Hackers and cybercriminals are doing more than locking data in your company’s systems. They now steal information from your company, make copies of it and sell it.
Imagine that all of your company data is gone or posted on the internet overnight. Your files could be erased, copied, or destroyed. Your data could be stolen for ransom. These scenarios are real. They can result in ruined reputations, reduced productivity from downtime, and lost revenue.
Your business can be responsible for protecting a variety of information. For example, you are protecting your Personal Identifiable Information (PII). PII is information like credit card numbers, bank information, or health and personal information. You are also responsible for protecting the PII of your clients, including their banking information and data like email addresses. Lastly, your business has to protect accounting and human resource information, files, databases, and client lists with proprietary information.
Cybercrime is a complex, well-organized criminal endeavor with multiple participants. It is a growing industry where millions of dollars are made every day. Cybercrime can even be state-sponsored, usually by countries that oppose American views. Companies often do not publicly announce when they are the victims of cybercrime because they fear fallout. Most cybercrime occurs offshore, making it difficult, if not impossible, to stop.
Cybercrime happens frequently. The FBI’s Internet Crime Complaint Center began receiving 3,000 to 4,000 daily cybersecurity complaints shortly after the beginning of the global pandemic in 2020. There are different types of cybercrime, including ransomware, spear phishing, inside theft, wire fraud, physical theft, and denial of service. These different types of cybercrime all have different levels of likelihood of occurring and can have varying levels of impact on your business.
Cybercrime is everywhere. Industry estimates predict that cybercrime could cost $6 trillion by 2021. Cybercrime is more profitable than the global trade of all major illegal drugs combined. Because of these shocking statistics, companies doubled the amount of money spent on security in 2019. Over 3.5 million people are predicted to work in cybercrime by 2021. Ransomware attacks are growing more than 350% annually.
NIST Approach With Layers of Security
We offer one free NIST risk assessment for every client to let each client know where they are protecting their information.
Ready to review your current security plan or need help developing one, contact On Time Tech at 415-294-5250 or 877-270-1391 for more information. We can guide you in purchasing a core security plan and have the knowledge to help you protect your work and reputation and prevent loss of revenue.
My philosophy when starting OTT was I wanted to create a place that I would want to work at (fun and friendly.) Where there was no corporate politics and we could just do our job fixing things and helping people. We can help people with their technology and not be arrogant or condescending to people. We can actually make a difference in peoples lives and not just say it but do it.