Cybersecurity should be a top priority for all businesses in 2020.
As 2020 approaches, cybersecurity is top of mind for c-suite executives at virtually every company, in every sector. Indeed, shifting consumer sentiment, increased government regulation and escalating costs have made this problem unavoidable.
The latest Cost of a Data Breach Study revealed that the average breach costs a company nearly $4 million, and the immediate financial implications are just the beginning. For instance, a recent study found that 81% of consumers would stop interacting with a brand online after a data breach, depriving businesses of a critical opportunity to connect with their customers during the recovery process.
At the same time, privacy regulations like Europe’s GDPR and California’s CCPA are indicative of the wave of government oversight coming to companies around the world.
Taken together, it’s clear that today’s data landscape is increasingly challenging to navigate. This is especially true for SMBs that are disproportionately impacted by data breaches. According to Accenture, more than half of all SMBs incurred a data breach in the past year. Unfortunately, 60% of SMBs that experienced a data breach will go out of business within six months.
For SMBs, cybersecurity is a bottom-line issue, and getting this aspect right can be the difference between a flourishing business and bankruptcy. By rightly understanding the risk, SMB leaders can take the proper precautions to ensure that their data is secure.
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