According to Forbes, $2,900,000 is lost to cybercrime every single minute. That’s $171,000,000 every hour and $3.5 billion every day! The Cyberthreat Defense Report also revealed that 86.2 percent of surveyed organisations were affected by a successful cyberattack.
As an example, one of the biggest known data breaches involved Equifax (which affected roughly 145.5 million U.S. consumers; 400,000 to 44 million British residents; and 19,000 Canadian residents). Equifax shares dropped by 13% the day after the breach and multiple lawsuits were filed against the company. Equifax agreed to a settlement that included a $300 million fund to compensate victims, $175 million for states and territories in the agreement, and $100 million in fines.
Disney, Target, Home Depot, Adult Friend Finder, eBay, and Yahoo are other big names that have fallen victim to cyberterrorists, and while they are high-profile cases, keep in mind that there are many more companies of all sizes that were never in the news. Unfortunately, a study showed that one in three small businesses use only free consumer cybersecurity, and one in five businesses have no endpoint protection at all!
By working with an IT company in Singapore that’s well trained in cybersecurity, your business can save on the economic costs associated with cybercrimes, which include the value of stolen intellectual property and corporate information, the cost of repairing damaged systems, regulatory costs (related to GDPR and other data breach laws) such as the payment of fines or other sanctions, sales decline or losses due to disruptions in operation, and so on.