AB Phillips How Much Would a Cyber-attack Set Back Your Business?

The average total cost of a cyber data breach in Australia last year was $3.35 million per breach. That’s $163 per lost or stolen record, according to IBM’s 2020 Cost of a Data Breach Report. That’s due to each breach taking 296 days to identify and contain.

IBM is working with different data than the Australian Cyber Security Centre. That centre says cyber-crime’s average bill for a company on our shores is $276,000.

Despite the difference, the fact remains cyber-breach costs are increasing, with businesses in finance, technology, and professional services suffering the most significant bills.

Vulnerabilities of SMEs

About 60% of cyber-breaches are on small-to-mid-sized enterprises, according to the Federal Government.

And it worsened due to the pandemic, according to the Verizon Business Data Breach Investigation Report, with the shift to more remote working, meaning businesses have struggled to roll out uniform IT security practices.

Every 10 minutes, another Australian business suffers a cyber breach. However, half of SMEs overall had spent less than $500 on cyber-security per year. So cyber thieves are betting on such companies lacking resources, experience, or policies for protection. They’re primarily after online banking credentials, social security numbers, and also locking up data for ransom.

Hackers get in through networks, cloud platforms, or mobile devices. Their methods? They’ll use email and phishing scams, tapping into unencrypted passwords or inserting themselves into a two-part transaction to steal data. It’s worth it for them – the going rate for an email address with a password is $3.23 on the Dark Web. PayPal and Microsoft 365 details fetch higher.

Visit AB Phillips for the full article. Learn more about the impacts of a cyber-attack, how to thwart potential breaches and how AB Phillips cyber insurance can help.