‘Cyber Crime Is The Greatest Threat To Every Company In The World’

“The British insurance company Lloyd’s estimates that cyber attacks cost businesses as much as $400 billion a year, which includes direct damage plus post-attack disruption to the normal course of business. Some vendor and media forecasts put the cybercrime figure as high as $500 billion and more.

Then there’s the hacks and breaches which go unreported by privately held and unregulated companies who are fearful of how cyber incidents will damage their reputations — which can have a negative impact on revenues, company valuation when raising capital, customer acquisition and retention, and their ability to recruit top talent.

According to KPMG, the majority of consumers (58%) that have been surveyed have said that a cyberattack or data breach would discourage them from using a business in the future. According to a similar survey by KPMG, research shows that a whopping 86% of procurement departments would consider removing a supplier from their roster due to a cyber breach!

A typical data breach can take an average of 26 hours to resolve for small businesses, which is a large chunk of time to stop running a company to deal with an issue – not to mention the costs incurred and it being all too obvious to their customers.

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