Information Security

The True Cost of Cyber Security Attacks

The True Cost of Cyber Security Attacks

Cyber attacks are one of the fastest spreading crimes in the digital world, costing more than $6 trillion in 2021, and making it the third-largest economic system just behind the United States and China. In the U.S., the most popular targets of cyber attacks are small businesses, individuals, and healthcare facilities, with each attack leading to consequences beyond immediate monetary loss.

Small businesses are often found to be easier targets of cyber attacks because they often don’t have the security and fortification that larger enterprises do. Small businesses also may believe that it’s too expensive for them to become properly protected. No matter the size of the business, cyber security is not only necessary but can be affordable.

The loss of an individual’s data can lead to identity theft, credit fraud, ransom threats, and other unsavory actions. For businesses, this can be disastrous for the company’s brand and reputation. Once the attack is discovered, fixing it is not always as simple as canceling a few credit cards. Complete remediation of the problem is not an instant process. It takes time and resources to identify and fix all the collateral damage caused by the theft.

Healthcare facilities are a particularly vulnerable target. With attacks on healthcare facilities can come the loss of important records, malware issues with vital medical equipment, and the breach of patient privacy. Hospitals are especially susceptible to attacks, and more specifically ransomware threats, because the targeted data can literally be life saving.

No matter what the size of your enterprise, Thrive can walk you through what your business’ best options for cyber security are, and can help identify options for your consideration.

Who Helps with Recovery?

Insurance is the easiest, quickest way to mitigate losses from a cyber attack. Insurance against cyber attacks should be a priority, no matter the size of the business. From Fortune 500 enterprises to your local corner store, cyber insurance for a business is tantamount to fire insurance on a home. If you have insurance, you can both recoup your losses while also gaining insights from forensic services. Thrive helps support business continuity after the attack. Working in tandem with the insurance company, not only will we help identify the perpetrator, we will also help ensure your business operations continue. Thrive can help you to choose the proper security installations for your IT platform, taking into account your business and its specialized needs. We make sure any security software you currently utilize is either updated or replaced with something more effective and efficient.

How Does Thrive Help Deter Cyber Attacks?

As you may have read in our multi-part series on the Return to the Office, COVID-19 and the mass migration to working remotely from home has caused the need to adapt the cyber security companies utilize on a daily basis. No longer should we as businesses fortifying only one major network at the office; now we must take into account all of the different digital environments and security risks they impart upon us while employees are working from their homes, coffee shops, and other places external to the enterprise.

For employees working from home, we suggest using end-to-end protection and anti-virus software; even simple security is better than no security. We also encourage inter-business Security Awareness Training; a service Thrive provides to our clients. We will teach you what to look for in terms of suspicious activity and aid in the management of your security platform. It is also important to expect that one day you WILL be attacked. This is not to cause paranoia, but to cultivate an alert mindset when it comes to the continued protection of your network and data.

A Security-First Mindset

At its core, IT security awareness and safe practices start at the top. Leaders within your company should be sure to lead by example and communicate the importance of IT security. Creating shared “rules” to follow and raising awareness of how attacks can be initiated is a great start, along with strategies such as frequent password updates and locked screen savers.

Thrive offers multiple security options, from hands-on training to complete supervision of IT software. To learn more about what we can do for you, contact us today.