Cyber breaches frequently make the news when they occur at large corporations. While hackers often attack major corporations that have millions of customers, they also target small businesses known for overlooking the need to implement cybersecurity measures. Unfortunately, the average small business can still end up facing several million dollars in losses. Understanding exactly how much a cyber breach can impact your small business helps you know how to plan for cybersecurity measures.
Covering the Cost of Remediation & Repair Services
Once a cyber breach happens, the decision to work with an IT services company is no longer optional. Professional IT service providers must immediately begin working on identifying the source of the cyber breach along with how much data is compromised. Then you can expect to pay for additional services that restore the security of the data your company stores online. Covering the cost of cybersecurity services before a breach occurs is typically less expensive than paying for someone to come in and do remediation and repairs, since you can never know just how deep a breach will go.
Xonicwave offers the comprehensive cybersecurity services San Diego businesses need to protect their assets and keep their operations running smoothly. Our services include data backup, 24/7 network security monitoring, incident response, penetration testing, security training, dark web monitoring, and more. Our managed cybersecurity solutions, CyberPlus and CyberPremier, address various cybersecurity challenges, including phishing attacks, malware protection, and cloud security.
Paying for Regulatory Penalties & Fines
Depending on the nature of your small business, your company may be responsible for following regulations such as HIPAA and GDPR. If your business fails to protect sensitive data, you could face having to pay thousands of dollars in penalties and fines, which can reach amounts that threaten the viability of your business.
Shelling Out Money for Notifications & Identity Theft Repairs
Once your business knows about a data breach, it’s your responsibility to ensure everyone affected knows about the incident and has what they need to protect their data. Your company may be required to cover the cost of sending out notifications to its customers. You may also need to budget for covering potential lawsuit damages along with credit monitoring and identity theft repair services for people who experience issues associated with the cyber breach.
Adding Public Relations Services to the Expenses
If the breach was extensive, your company might receive negative press, both locally and internationally. If you don’t currently have a public relations team in place to handle press events, you may need to establish one right away. Even experienced public relations crews may need additional support from outside consultants to manage unprecedented cybersecurity incidents.
Breaking Customer Trust in Your Brand
When all is said and done, one of the biggest costs your small business faces is lost customer trust. After all of the money your business might have poured into marketing and customer retention campaigns, it hurts both monetarily and psychologically to lose an established customer base. Unfortunately, the negative public view of your company can last long after the cyber breach is over and even beyond the last steps of restoring security to your company. Prevention is always better for maintaining trust with your company’s customers.
Xonicwave offers comprehensive IT services for businesses of all sizes. With customizable plans catering to diverse needs and budgets, Xonicwave ensures transparent pricing without hidden fees, allowing effective technology budgeting for the high-quality small business IT support San Diego companies need. Our managed services include features such as 24/7 remote monitoring, on-site support, cybersecurity services, and compliance support. Call us today to explore our plans and discover how we provide superior support for businesses in Southern California.