The Expert Podcast

…Well how much would a cyber attack cost It can't be that bad right If you're a business owner and you don't have cyber security built in or a cyber insurance policy. You might be thinking well a cyber attack is not going to cost me that much money. Right It doesn't really steal anything It doesn't break anything It doesn't burn anything down. Well, Maybe not here is an article from CNET. From end of July 2022, the typical data breach costs. $4.4 million. Now this is for, a larger company. But…it doesn't change the fact that data breaches and cyber attacks and ransomware have actual costs. For a company. You could look at the typical, Expense for your type of company in your size. And you'll find that these data breaches are not cheap. They can cost hundreds of thousands of dollars easily at the bare minimum. And the single breach sometimes. Can put you out of business. If you don't have access to your accounts receivable where you can collect money, if your systems are down not the process sales even for four or five days. Not only do you lose those sales but you lose the sales momentum where some of your customers may go somewhere else Some of your employees may have, Lack of confidence and they may leave Or even if they stay they may not be as committed. So data breaches can be…a deal breaker for a company. You want to be aware of the actual cost and whether you prevent it by cybersecurity or cyber insurance it's important to factor in reality to your. Business risk. Evaluation.