Cybersecurity, Compliance and Auditing
In 2023, due to cybersecurity failures...
% of Businesses reported down-time due to compromises
Average cost of a ransomware attack in USD
Average cost of a data breach in USD
In 2023, small and medium-sized businesses (SMBs) experienced significant financial losses due to IT security compromises. The average cost of a data breach for SMBs was around $4.35 million, with ransomware attacks alone costing nearly $2 million on average (Coretelligent). Overall, cyber-crime cost small and medium businesses more than $2.2 million annually (Fundera).
Cyber attacks have a severe impact on SMBs, leading to operational disruptions, reputational damage, legal issues, and increased cybersecurity costs. Many SMBs face prolonged downtime and high recovery expenses, which can result in substantial financial strain and even bankruptcy for some businesses (Coretelligent) (Expert Insights).
The increasing prevalence of remote work has further complicated the cybersecurity landscape for SMBs, making them more vulnerable to attacks and increasing the cost and duration of breach containment (Coretelligent). Additionally, human error remains a significant factor, with many breaches stemming from phishing and malware delivered via email (BusinessDIT).
To mitigate these risks, SMBs need to invest in robust cybersecurity measures, including employee training, regular security audits, strong password policies, and comprehensive incident response plans (Fundera) (Expert Insights).
How can we help?
Our first step would be to get to know your organization and learn about your risk exposure. This process requires a deep dive into your technology resources and your staffs understanding regarding security best practices.
After generating a detailed risk report, we will create a tailored plan that involves mitigating any identified risk vectors including: out-of-date hardware and software, cybersecurity training, and much more.
In addition to determining cybersecurity risks, depending on your organization, a compliance specific audit can be performed to determine additional complaince issues in regards to HIPAA and PCI.