Cyberattack is one of the most serious crimes facing companies today, and small and medium-sized businesses are squarely in the crosshairs of cybercriminals. The report 2018 Cost of a Data Breach Study: Global Overview from the Ponemon Institute analyzed data from over 477 companies that had experienced data breaches in the 12 month prior to the interview. Here are a few of the more sobering findings:
• The average cost of a data breach was $3.86 million, up 6.4 percent from 2017.
• The average size of the data breaches increased by 2.2 percent since 2017.
• The mean time to identify a data breach was 197 days.
• The mean time to contain a data breach was 69 days.
• Companies that contained a breach in less than 30 days saved over $1 million as compared to those that took longer to resolve.
All businesses are vulnerable to cyberattacks and data breaches, but many owners of small and medium-sized businesses underestimate the threat. MiniCo has prepared a white paper about the growing risk of cybercrime filled with information to assist you in discussing exposures and coverage options with your clients.
Topics include the following:
• Cybercrime risk trends
• Financial impact of a data breach
• Tips for making a business a “hard target”
• Top cybersecurity threats for businesses
• Cybersecurity best practices