Is Cyber Security Worth the Expense? The Cost of Cyber Attacks.

As our dependency upon technology and the Internet has skyrocketed, so has our need for cyber security. Cyber security now includes the protection and restoration of data stored and shared on a wide variety of devices. Computers, cell phones, smart devices and an expanding universe of digital devices have become the new playing field for data theft. Personal data, including personally identifiable information, financial data, health information, intellectual property, governmental databases and more, are all vulnerable to hacking. We can no longer depend on firewalls and off-the-shelf virus protection.

Case Study – Cyber Security Cost to Business vs. The Cost of a Data Breach

The managing partner of a midsized law firm did not focus on cyber security for a long time. The firm had top-of-the-line virus protection and a firewall built into its network. It also had a part-time IT technician on board. The partner didn’t see any reason to spend more money on cyber security. Suddenly, the pandemic hit and more than half of the firm stopped coming to the office and began working remotely. Secure remote access was now of primary importance to the survival of the firm. Lawyers and paralegals were not only working at home, but they were now “going to trial” remotely. But the firm wasn’t ready. It was caught off guard. One morning the partner came to work to find his office in an uproar. The firm’s primary client database had been breached. Law firms, medical facilities and financial institutions are required by law to protect their clients’ private data. They are also required to immediately advise all of their clients in the event of a data breach. Not being prepared for this attack led to the firm losing more than 30% of its clients and more than 40% of gross revenue. That firm’s data breach was far more costly than a preemptive investment in cyber security would have been.

What Cyber Defenses are Available for a Small to Midsized Business?

There are many layers of cyber security available to protect your business data. A cyber security expert can provide a vulnerability assessment to see what is best for your company. Some of the cyber security solutions include:

• Network Firewall Security – An “entry-level” layer of protection that can help filter out unauthorized users trying to access your network. The level of protection your business requires will determine the firewall security price.
• Malware Protection – Malware is one of the most popular methods employed by hackers to breach private data. It is malicious software embedded in text messages and emails. Defending against malware is a business imperative.
• Ransomware Protection – Ransomware detection, prevention and employee education is a top priority. Imagine the horror of logging on to your network only to find your data is encrypted, kidnapped and being held for ransom.
• Insider Threat Protection – Part of protecting against insider threats begins with educating employees about your cyber security protocols. In some instances, internal threats are intentional criminal acts by employees. However, many insider threats are the result of carelessness or a lack of basic knowledge of personal and business cyber security measures. Cyber security experts can get all of your workforce on the same page for contributing to overall network and data security.
• Virtual Private Networks – Virtual Private Networks or VPNs are powerful security tools that provide you with your own private “network tunnel,” affording anonymity, privacy and protection from hacking. VPNs are a very affordable layer of security and well worth adding to your cyber defenses.
• Cyber Security Monitoring – By collecting and analyzing network traffic and data security regularly, potential threats can be recognized in advance, and appropriate protections can be put in place to reduce the chances of data breaches. If data breaches do occur, regular monitoring can help minimize and isolate the damage they cause.

More companies than ever are required by law to protect the personal and financial data they collect from clients. If companies are attacked by ransomware, their clients have also been attacked. For medical and legal practices, safe and secure data is crucial to their reputations. Data breaches with malicious software such as ransomware attacks can put companies out of business and expose them to ongoing legal challenges.

A professional cyber security expert can help you make the right choice. DIGIGUARD Cyber Security specializes in cyber threat protection, including many layers of security and defense solutions for small and midsized companies.

Get a DIGIGUARD Vulnerability Assessment

As your business grows, expands its network and adds more devices such as smart controls, wireless access and remote access, your network vulnerability grows, too. DIGIGUARD specializes in proactive cyber security and network security and has a wide array of solutions for small and midsized businesses to defend against cyberattacks and other network data breaches. They are cyber security experts who can ensure your confidential business and financial data has the best protection possible.

In addition to helping you defend against or recover from cybercrimes, DIGIGUARD can provide solutions that offer early detection of potential cyber threats before they happen. DIGIGUARD can assess your cyber vulnerability and work with you to ensure you have the best network and data protection solutions for your business.

Contact DIGIGUARD CYBER SECURITY at 833-33-CYBER (833-332-9237) or www.DIGIGUARDsecurity.com to discuss the prevention of cyber attacks and other cyber defense protocols to protect your hard-earned business data and stay current as new and more powerful protections are developed.