While this article will look at the cost – your loss as a business from a cyberattack – we will start by asking how much does it cost a cybercriminal to mount an attack? According to Deloitte, a cyberattack can be launched for as little as $34 and yield returns up to $25,000. More sophisticated attacks can cost nearly $4,000 and net returns in the millions.
The real cost of cybercrime is borne by the business or individual that suffers it. Keep reading to understand the monetary consequences of becoming victim to cybercrime and what the best cyberattack protections for your company are.
Calculating the Cost of a Cyberattack
To calculate how much a cyberattack could cost you, consider losses/cost of remediation under each of the heads below:
- Data and security breach remediation and notification expenses
- Monitoring services and recordkeeping
- Complying with disclosure requirements under the Personal Information Protection and Electronic Documents Act
- Public relations expenses to manage damage to the business’s reputation
- Data breach forensic investigation
- Computer program and electronic data restoration expenses
- Extortion payments
- Business interruption for income the business may lose due to an interruption in services
What is the Cost of a Cyberattack
Accenture released some of the most damning figures on the cost to business per cyberattack.
$13 million – cost of cybercrime
$4 million – cost of business disruption
$5.9 million – cost of information loss
For small and mid-sized businesses that kind of loss can affect the integrity of the business itself; reputational harm can drastically lower its survivability from an attack. It is why active IT support in Toronto is vitally important to address security breaches as soon as possible.
Changing Nature of Cyberattack
Just as the nature of business has changed so has the nature of attacks. The types and means of attack have changed to adapt to the changing nature of the target and the effectiveness of the attack. Cyberattack protections have evolved similarly.
Where direct profit was the motive in the late ‘90s and ‘00s, information has become the primary target today. It’s why attacks now focus on information theft, manipulation, and hijacking. Just look at ‘ransomware’ and ‘cryptojacking’, two of the fastest-growing cybercrimes in the world, notorious for their high rate of success (businesses choose to pay because of a fear of loss of information).
But “people-based attacks have increased the most”, reports Accenture, as social engineering yields some of the highest success rates. As our IT support in Toronto puts it succinctly, “It is easier to ask for a password than hack it”. The global trend of remote work (work from home) has made socially engineered attacks targeting employees more effective. Reduced internal communication and greater reliance on electronic requests make targets more likely to trust a fraudulent email or caller.
Dynamic IT Solutions in Toronto for Evolving Cyberattack Protections
NUMENTIS designs IT solutions in Toronto with security in mind. We ensure our clients meet industry standards for security and comply with security best practices. Speak to a representative to find out how we can help you secure your business.