Client: Proofpoint Ltd
Format: E-Book
Size: 2.96 MB
Language: English
Date: 14.05.2024
The Cost of ‘Good Enough’ Security
Whoever said crime doesn’t pay apparently didn’t anticipate modern cyber attacks. The average cost of a data breach to affected U.S. businesses grew from $5.4 million in 2013 to $9.44 million in 2022 well outpacing inflation over the same period. Collectively, data breaches cost U.S. businesses about $1.4 billion per year. This adds up to $5,400 for every American adult.
On a global scale, cyber crime is forecast to cost the world $10.5 trillion per year by 2025. Other researchers estimate that cyber crime costs businesses an incredible $1.79 million every minute.
Clearly, these costs are enormous. But they don’t stop at the immediate financial losses. Cyber crime can damage your business’s reputation or lead you to incur fines from regulators. It can disrupt operations and even derail your business model, making it impossible to follow your core strategy.
There’s no way to entirely avoid the risks associated with cyber crime. They’re simply part of what it means to do business in today’s world.
However, it is possible to manage these risks. Just as business leaders and risk management officers plan and prepare for other risks that are implicit in doing business, you can limit your exposure to cyber crime risk. As with other types of business risk, you’ll need to model the financial losses that a cyber attack might cause your business. Then you can make a plan for how to balance those risks against what it would cost to reduce them.
On a global scale, cyber crime is forecast to cost the world $10.5 trillion per year by 2025. Other researchers estimate that cyber crime costs businesses an incredible $1.79 million every minute.
Clearly, these costs are enormous. But they don’t stop at the immediate financial losses. Cyber crime can damage your business’s reputation or lead you to incur fines from regulators. It can disrupt operations and even derail your business model, making it impossible to follow your core strategy.
There’s no way to entirely avoid the risks associated with cyber crime. They’re simply part of what it means to do business in today’s world.
However, it is possible to manage these risks. Just as business leaders and risk management officers plan and prepare for other risks that are implicit in doing business, you can limit your exposure to cyber crime risk. As with other types of business risk, you’ll need to model the financial losses that a cyber attack might cause your business. Then you can make a plan for how to balance those risks against what it would cost to reduce them.
