IT support companies in London are in a constant battle to persuade companies to adequately protect themselves against data breaches and cybercrime. Many businesses realise the dangers, but what are the results if a hacker actually gains access to your system? According to IBM’s study about the effects of data breaches, the average cost to an affected company globally in 2018 has risen to nearly $4 million. This can prove fatal to small businesses, and in fact, many who suffer a data breach will not be able to carry on trading after such an incursion and could end up completely bankrupt.
What Are the Costs Associated with a Data Breach?
There are costs associated with the breach itself which are mainly concerned with trying to minimise the effect of the problem and help any customers directly impacted. These could take the form of a ransom in the case of ransomware, legal and regulatory costs and the physical replacement of stolen revenue if the hackers have accessed financial information.
Unfortunately, a larger blow to a company’s bottom line comes when you consider the problem with trust that customers will now have. The damage experienced even by companies with a solid reputation can be huge. If customers leave because they no longer feel they can trust you and new customers are hard to find for the same reason, it won’t take long before continuing in business becomes untenable. Add this to the cost of your employees fighting fires to secure your systems and the disruption to business processes while the damage is being rectified, and it can be difficult to continue.
How Can You Protect Your Company Against Cybercrime?
IT support companies in London can help you prepare for possible disaster by suggesting encryption techniques and ensuring that you maintain compliance with standards such as GDPR. Antivirus programs and firewalls are equally vital to prevent unauthorised access to your systems as much as possible, but employee education is also vitally important to make sure none of your staff open suspicious messages or click on any embedded links.
If you would like to protect yourself from a data breach that may see the end of your company, consider us at Wem Technology. We are an IT support company in London that specialises in data security and protection and can advise you on best practices and important aspects that should be included in your incident or disaster recovery plans. Contact us today so that our IT experts can help you make sure that your company is as protected as possible against hackers and cybercrime in general before the worst happens.