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Why It Security Is Important For Business

While Liberty Technology provides IT disaster recovery and stands ready to assist you in a moment of crisis, we hope that day never comes. Taking preventative measures can drastically increase the probability that it never will.

Don’t think you need the top of the line in IT security or worried it costs too much money? Here’s what could happen if you wait too long to upgrade your data security:

Data breaches cost millions of dollars

A data breach is defined as one entity gaining unauthorized access to another entity’s information. This can be intentional, such as a cybercriminal hacking into your system, or unintentional, such as an employee sending a sensitive email to an unintended recipient.

Besides losing the trust of your clients and customers, the potential amount of money a single data breach can cost your company is something to worry about. If a cybercriminal breaches your network with ransomware, they can lock out crucial data and keep you from accessing it until you have paid a ransom. Sometimes this ransom can demand millions of dollars.

The amount a data breach will cost your company will vary depending on the size of your company and the industry you are in, but IBM’s 2021 Cost of Data Breach report found that the average worldwide cost of a data breach rose from $3.86 million in 2020 to $4.24 million in 2021. For the United States alone, that average was $9.05 million. In 2021, the United States saw the highest average data breach cost in 17 years, with the healthcare industry having an average cost of $9.23 million.

Data breaches take a long time to contain

One of the reasons data breaches cost so much money is that they often take months, sometimes even years, to contain. According to the same IBM report, the average time it took for respondents to identify and contain a breach was 287 days. Imagine having to spend the better part of a year dealing with this nightmare. In addition, it will take even longer to rebuild and regain the trust of your customer base.

Information security is paramount to your customers

Concerning your customers, you will stand to lose a significant amount of business if their personal information (social security numbers, credit card information, bank account information, email addresses, passwords, social media accounts) is compromised. Even worse, those customers could file a class action lawsuit against your company and put you on the hook for millions of dollars more in damages.

Upgrading can make recovery less painful if it does happen

While it’s never a guarantee that data breaches won’t happen, upgrading your security system will minimize the damage even if it doesn’t prevent it altogether. A well-organized, upgraded system will allow response teams to identify and contain the breach quicker than an unstructured or unprepared system, allowing you to get back on track sooner. According to the IBM report, companies saved an average of 30% in recovery expenses when a data breach was contained in 200 days or less.

Get an IT Assessment

Don’t let a data breach leave you asking, “What if I had done more?” Prepare yourself today! Let Liberty Technology ensure your company is as prepared as possible. Peace of mind comes when you know that you have the best chance of preventing a data breach and minimizing the damage as much as possible, should one occur. One way to know where you stand is for Liberty Technology to perform a deep dive into your current IT infrastructure via our IT Assessment. This allows us to review all aspects of your IT, leaving you with a detailed diagnosis of liabilites and weaknesses.

When you choose Liberty Technology you are choosing a company that specializes in IT data security and backup data security, disaster recovery, and prevention. We provide state-of-the-art IT security for government organizations and companies across the healthcare, financial, manufacturing, retail, and education industries. Give us a call today!

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