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The Equifax data breach occurred between May and July 2017 at the American credit bureau Equifax. Private records of 147.9 million Americans along with 15.2 million British citizens and about 19,000 Canadian citizens were compromised in the breach, making it one of the largest cybercrimes related to identity theft.
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• 30+ lawsuits and more than 1,000 individual legal actionsfrom consumers
• $1.35-billion in costs due to the data breach
• A 20% drop in share prices, with $4-billion lost in stock market value
• The resignation of their CIO and CSO
• The retirement of their CEO
Here at IBT, we are proud to offer a diverse range of cyber security features and cyber security solutions to help you enjoy the optimum levels of security throughoutyourbusiness.
A business that regularly invests in cyber protection has clear edge over their competition. Some of the biggest returns you can get from investing in a cyber security program.
With the rise of cloud technologies, remote work, and bring your own device (BYOD) policies, the surface for potential cyber-attacks has also expanded. A strong cyber security investment plan helps protect your critical business data across these diverse interfaces, ensuring the security of your digital workspace.
Digitalization leaves online customers with little choice but to entrust their personal or financial data to businesses. When you invest in keeping their information safe, you are telling customers that you care about them.
A modern approach to cybersecurity, with tools that have built-in protection, makes it easier for your employees to work together, from anywhere,” said Sian John, Microsoft EMEA Director for Cybersecurity Strategy.
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A key motivation for businesses to engage in outsourcing is cost savings. By outsourcing certain operations, a company can effectively decrease its labor and operational expenditures.
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A cyber-attack can cause maximum impact to your business operations. It can result in significant downtime, affecting productivity, revenues, and customer relationships. Protecting your business against such disruption is critical to maintaining a consistent operation.
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When you invest in cyber security, you are investing in your brand. Customers do not simply buy products or services. They are paying for the idea that your business can be trusted to deliver and meet their expectations.
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As customers increasingly priorities data security, your cyber security investment could translate into a larger market share and increased revenues.
Insurance providers use different factors to assess the risk of a business. These can include your business size, your industry, the amount of sensitive data you keep, and the security measures you have in place.
The financial impact of a cyber-attack from operational downtime to regulatory penalties can be crippling. Aside from the direct costs of the attack, such as the cost of restoring data and systems, businesses can also face indirect costs, such as lost revenue, customer churn, and damage to reputation.
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A cyber-attack can lead stock prices to plummet, as shown in the Equifax hack. This can be a combined effect of a loss of customer data, financial losses, damage to the company’s reputation, and investors losing confidence in the company.
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Online protection is a continuing concern because cyber threats keep evolving, attacks are unrelenting, and social engineering has become commonplace. Every business that uses the internet should invest in continually advancing cyber security measures, including:
• Endpoint security
• Network security
• Data security
• Cloud security
• Application security SWIPE
If you are serious about investing in shielding your business against cyber-attacks, consider working with a cyber security solutions provider. At IBT, we can help you implement a comprehensive security program to protect your data, systems, and employees.
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