According to a CNBC news article, 43% of cyberattacks are against small businesses, with only 14% of them having any type of cybersecurity systems in place. The average cost of a cyberattack for a small business is roughly $200,000, while the cost of annual penetration testing is substantially cheaper. This is a big sum for most small businesses — so big that it could put a lot of them out of business.
TrollEye Security is a cybersecurity firm that offers cybersecurity solutions for your organization. One of these solutions is ongoing, or annual penetration testing, which is where we attempt to break into your computer systems, application, networks, and devices in order to discover the vulnerabilities within your computer system. Below, we’ll examine the cost of regular penetration testing versus the cost of a breach.
WHAT IS A DATA BREACH?
A data breach is when a cyber attack has infiltrated a business’ computer security systems and stolen information, be it customers’ credit card information or other personal information, such as social security numbers. Cybercriminals are looking for any form of information that they can profit from and/or sell to others and profit from.
COST OF TESTING
Gone are the days of installing free antivirus software on your computer and performing a simple scan every few months. Even for individuals, this is no longer a service that is recommended. Any hacker with only an elementary knowledge of computer systems and applications can break that. With cybercriminals having nothing better to do than invent new ways to steal companies’ data, you have to be on your toes regarding cybersecurity constantly.
Many cybersecurity companies, such as TrollEye Security, offer penetration testing and other services to help you counter cyber attackers. Most of these cybersecurity services’ cost is minimal compared to a breach, with some being low monthly fees. For example, our PTaaS starts at less than $300 per month. The more cybersecurity services you employ, the better you will be protected from attack, but you will spend more money. So are the costs of testing worth the potential prevention of a cyber attack?
THE COST OF A DATA BREACH
At the beginning of this article, we mentioned the cost of an average data breach to small businesses is estimated to be around $200,000. This number, however, is not just in lost revenue from the security breach. There are other costs to consider as well.
- Cost to your brand and your reputation
- Cost to upgrade to come into compliance if you are not
- Cost to your stock value
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