How Much Can Cyberattacks Cost You?

How Much Can Cyberattacks Cost You?

With the growing number of cyber threats and incidents happening, you can never find a single software company operating without a cyber security testing company by its side. Testing companies help software and application development companies stay safe and secure from the cybercriminals and threats present on the internet. According to experts, every business with an online presence should get their systems and software tested at least twice a year. However, a lot of businesses fail to understand the need and importance of cyber security testing and fall victim to the attacks of the criminals.

Have you ever wondered how much can a cyberattack cost you? Have you thought about how many thousands of dollars your business with lose under just one attack? If you have not thought about it already, I would like you to think about it now before it gets too late for that. The thought of the loss has convinced a lot of companies to opt for cyber security testing so here are some facts from the past to help you guide on this journey.

A Single Malware Attack in 2018…

According to research done, a single malware attack in 2018 was told to cost around $2.6 million whereas a ransomware attack cost was calculated to be $646,000, which was 21% more than the cost observed in 2017. This clearly tells how the cyberattacks are becoming more dangerous with every passing day. We are aware that all big names like Yahoo, Google, and Amazon have become victims of the cyberattacks but did you ever realized it is just the tip of the iceberg?

The Loss of Assets and Data is Huge!

The same research done in 2018 further shared that the loss of dollars due to cyberattacks was not the only loss companies had to face. Even though they were supported by one or another cyber security testing company, the loss of assets cost these companies a lot as well! The information loss cost them $1.4 million, business disruption cost $1.1 million, and when combined, the loss of all assets became 75% of the total loss due to cyberattacks. Now, you know how a cyberattack can bring the whole organization down to its knees.

No One is Fully Safe and Secure.

A lot of companies like to believe they are safe and secure from the hands of cybercriminals when their organization is already under attack! Yes, you read it right. It is not always evident that your organization is under attack until the signs start showing and by then, it is too late to contaminate the attack to save data. This is the sole reason why experts of the cyber security field suggest that every company with a digital presence signs a contract with a cyber security testing company to get the scanning and fixing performed every 6 months so the cyber threats and attacks can be kept at bay! If you do not follow the protocol already, it is time you start changing your ways of operating.