6 Mind Blowing Cybersecurity Lessons In 2023
According to the annual IBM data breach report, (https://www.ibm.com/reports/data-breach) the average cost globally for a business to fix a data breach in 2022 is $4.35 million. In the US that average cost is more than double that at $9.44 million. If you are in healthcare your average cost to get out of a data breach is $10.10 million, the highest of any industry.
Despite the fact that 1 in 5 businesses will suffer a data breach next year, and 60% of those will shut down within 6 months, many small businesses still don’t take their cybersecurity seriously, believing that the probability that their company will be targeted by a cyberattack is too low to worry about.
Almost half (45%) of all data breaches are in the cloud.
In 2022, it took an average of 277 days—about 9 months—to identify and contain a breach.
Having a tested Incident Response Plan saves $2.66 million compared to the costs incurred with no plan or an un-tested response plan.
Organizations that had a fully deployed AI and automation solution were able to identify and contain a breach 28 days faster than those that didn’t, saving $3.05 million in costs.
Are There Steps I Can Take?
Today, getting cybersecurity wrong is not an inconvenience or productivity issue, it is an existential threat to your business, and if you get it wrong you could lose everything.
There is another business function that shares this level of criticality, accounting. If your accountant doesn’t pay your taxes properly it could cause you could lose your business in the same way that a missing security patch or stolen password can. In the accounting world there is a tested process for mitigating this risk, the third party audit. Bringing in an outside expert to double check that the fundamentals are correct and proper processes are being followed is necessary in the cyber landscape of today, given the complexity of the technologies and products involved and the capabilities of the adversaries. Rocky Mountain Cybersecurity provides 3rd party audits conducted by a cybersecurity expert using state-of-the-art tools, to assist your IT with the burden of testing and validation.
In addition to partnering with a cybersecurity expert, a cyber insurance policy can cover most or all of the cost to fix a data breach and is a good risk mitigation strategy. A policy by itself is not enough however, and an attestation service from a company like Rocky Mountain Cybersecurity is necessary to support any future claims.
Finally, make cybersecurity a priority and part of your culture. Use unique, secure passwords, enable 2FA/MFA whenever possible, educate everyone on the problem with passwords on the dark web, security harden your systems and applications, and implement monitoring and automated threat detection.
Our business is saving your business. If you would like help with your cybersecurity in 2023 contact Rocky Mountain Cybersecurity today 307-288-0222 – www.rmcybersecurity.com – email@example.com