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Data Breaches Costing Small Businesses Big Money

Data Breaches Costing Small Businesses Big Money

On average, the cost of a corporate data breach has soared 15 percent over the last year to a whopping $3.5 million, a recent study found. The Ponemon Institute revealed the results of its report, which gathered data from companies around the world, and showed that, as data breaches become more common, the costs of dealing with these issues also increase.

For example, the most expensive breaches were found in the U.S. and Germany, costing an average of $201 and $195 for each record attacked by a hacker, respectively. The least expensive data leaks were found in India and Brazil, coming in at $51 and $70, respectively. However, these comparably inexpensive incidents are still far too costly for most businesses to handle.

Furthermore, these breaches cost more than just dollars and cents. They also attack and obtain confidential company information, leaving businesses vulnerable to further breaches and leaks. Regaining security and stability is also costly, as many small businesses across the country do not have sufficient business capital to tackle these problems.

Companies around the globe recognize the issues that stem from breaches, although they may not know how to undo the havoc these events wreak.

“Clearly, malicious insiders and criminal attacks are a growing concern for businesses, especially when we consider how persistent data has become in the age of cloud and mobility,” said Kris Lovejoy, general manager of the IBM Security Services Division. “A data breach can result in enormous damage to a business that goes way beyond the financials. At stake is customer loyalty and brand reputation.”

One way to address these increasing security concerns is to keep up with the latest in tech trends. Unfortunately, investing in new equipment can be costly, to say the least. Instead of purchasing new equipment upfront, decision makers should consider their equipment leasing options from companies like National Funding in order to save money while protecting their businesses from breaches.


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