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!

Back Next

Recent Blogs

8 Steps To Take During A Ransomware Attack

You’re just sitting at your desk, working hard, minding your own business when bam! An alarming red background takes over your screen. A message written in a threatening font tells you all your files are locked and demands you pay a hefty ransom in cryptocurrency, or your files are gone forever. Because your attackers were […]
Sep 3rd, 2022 | by Ben Johnson

The Ultimate Guide to VCIOs

A VCIO, or Virtual Chief Information Officer, can be an invaluable asset to your business. But what is a VCIO, and why do you need one? This blog post will discuss the benefits of having a VCIO and how to choose the right one for your business.    What is a VCIO? A vCIO is […]
Sep 3rd, 2022 | by Ben Johnson

Protect Your Data

Your data is one of the most important assets of your business. It is what allows you to keep track of your customers, sales, and operations. However, if this data falls into the wrong hands, it can irreparably harm your business. That’s why it’s so important to protect your data from unauthorized access and theft. […]
Sep 3rd, 2022 | by Ben Johnson

How to Take Advantage of Section 179 Tax Code

You’ve most likely put off upgrading your IT infrastructure for too long, but thanks to a special IRS tax code, now might be the perfect time to do so. Small businesses can take advantage of Section 179 of the tax code to deduct operating expenses, like your IT infrastructure. If you are looking for ways […]
Sep 3rd, 2022 | by Ben Johnson

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? […]
Sep 3rd, 2022 | by Ben Johnson

How To Manage A Hybrid Workplace

Working remotely was not just a temporary effect of the COVID-19 pandemic. In fact, it’s not going anywhere. Many businesses are making permanent shifts to full-time remote or hybrid models. If your business has taken this route, have you considered how that will affect data security? Your current security measures and policies are based on […]
Sep 3rd, 2022 | by Charles Goodsell

Why Your Company Needs An IT Assessment

How do you feel about your company’s data security? If a hacker tried to steal your data, would they succeed? Would such an occurrence catch you completely off guard and throw your organization into disarray? Would you look back and wonder what you could have done differently to prevent it? The truth is, there is […]
Sep 3rd, 2022 | by Charles Goodsell

Having trouble staffing your Internal IT?

In the post-pandemic economy, many small business owners are having trouble getting back to “business as usual.” A big part of that challenge has been attracting talent. According to National Federation of Independent Businesses (NFIB) Chief Economist Bill Dunkelberg, “Main Street is doing better as state and local restrictions are eased, but finding qualified labour […]
Sep 3rd, 2022 | by Ben Johnson

5 Things to Look for When Choosing an MSP

A managed service provider (MSP) can provide significant value to your organization. An increasing number of businesses and organizations are turning to MSPs to address their IT needs, including: Security: The constant battle against cyber attacks, data protection and retention, disaster recovery and more involves constant oversight and research that most IT departments simply don’t […]
Sep 3rd, 2022 | by Charles Goodsell

The Evolution of the Cloud

Market trends are changing, and the IT world is on the cusp of a big shift. We at Liberty have a mission to stay on the leading edge of all things IT, and it’s our job to make sure you stay right out front alongside us. With the newest consumption model taking form, we are […]
Sep 3rd, 2022 | by Ben Johnson

Windows 7 End of Life

After 10 years as one of the most universally loved operating systems, Windows 7 End of Life (EoL) is taking place January 14, 2020. And if there’s one thing zombie season should teach us, it’s to know when it’s time to say goodbye. Sure, Windows 7 brought new features, advancements, increased functionality and usability to […]
Sep 3rd, 2022 | by Charles Goodsell

Ryuk Ransomware Attacks and What You Need to Know

Law Enforcement and other Governmental Agencies all over Georgia recently received a shocking warning in regards to what is being characterized as a targeted and organized series of Malware attacks. Shortly after this warning was released, over 20 Texas agencies were crippled. Ryuk Ransomware attacks are targeting Law Enforcement and Government Agencies in an attempt […]
Sep 3rd, 2022 | by Ben Johnson