Cyberattack Costs Skyrocketing – Plan Ahead and Stay Secure

By Amos Aesoph, Xigent CISO

Cyberattack costs skyrocketing hacker

Cybersecurity is a concern that has become increasingly important for business leaders and IT professionals. Organizations must pay close attention as their digital landscape evolves and cyberattacks escalate.

Understanding the potential cyberattack costs to your organization is vital. A recent report by KnowBe4 highlights this issue, indicating an alarming estimation of 3x growth in cyber insurance rates over the next four years.

As shocking as the tripling costs of cybercrime are, it should act as a wake-up call for businesses of every size. The impact of a single cyberattack could have a crippling effect on day-to-day business, cause significant monetary losses, and negatively impact the reputation of your organization.

The Solution

To help combat cyberattacks and their corresponding costs, it is important for businesses to:

  • Create or invest in a comprehensive cybersecurity prevention program.
  • Implement proactive data protection measures with services such as Backup as a Service (BaaS) that stores the data in an immutable format.
  • Consider Disaster Recovery as a Service (DRaaS) as an added measure to minimize downtime and mitigate potential losses. These services could significantly reduce cyberattack costs in the event of a data breach.
  • Explore Virtual Chief Information Security Officer (vCISO) services if your business does not have the resources to staff a full-time CISO.
  • Supplement the above cybersecurity efforts by investing in cyber insurance with a trusted partner to help your organization mitigate risks and better prepare for potential cyber threats. Considering the substantial increase in cyberattack costs, cyber insurance can provide an essential safety net.

Understanding the costs of a cyberattack and preparing accordingly protects your employees, clients, and organization. The security of your business is only as strong as its weakest link. Plan ahead, understand potential cyberattack costs, and stay secure.