In monetary terms, the average cost of a breach is £1,010, although this figure increases with the size of the business. But there is also a time cost, not just a financial one – large organisations spend an average of 3.4 days managing the impact of an attack. Both costs can damage your capacity to operate your business as usual, as well as cause irreversible harm to your reputation.
Cybersecurity is taken very seriously by suppliers and customers – they increasingly want to see security credentials before signing purchase orders, meaning you could lose business if you don’t take the necessary steps. Data protection is required by law through GDPR too, and you could land a hefty fine if you fail to notify a data breach to the regulator within 72 hours.
Given that cybersecurity is so critical for ensuring business continuity and growth, it’s far better to prevent a cyberattack than risk one happening. It will cost a lot less in the long term when it comes to your brand’s image, resources and bottom line.