In 2022, the average cost of a data breach was $4.35 million. The financial cost of these cyber attacks, however, is only part of the story. A security breach can also result in data loss, the installation of malware, and the loss of confidence in your company by your clients. This can have devastating effects on your future profitability and your ability to succeed in your chosen field:
- Loss of reputation can affect your company’s profitability and market position for years into the future.
- Potential identity theft of credit card or financial information can affect customers and vendors.
- Downtime can also be necessary to remove malware and address vulnerabilities revealed in a security breach. This can reduce productivity and lead to lower profits for your company.
- Data loss is a critical issue that can arise after a data breach. Even if the information is not accessed directly, it can be damaged by malware or can be rendered inaccessible by the actions of hackers and outside agents.
Fortunately, there are some simple steps you can take to reduce the chance of a data breach and to protect your sensitive information from unauthorized intrusion by cybercriminals and hackers. By safeguarding your data against cyber attacks, you can close gaps in your cybersecurity and can identify vulnerabilities before they are used against you and your organization. Here are five proven strategies for stopping data breach incidents before they start.