A Lack of Data Security Carries a High Cost

Data security is not an area where businesses can really afford to be lenient or cheap. Unfortunately for many small and medium business owners, budgetary restrictions and allocations can force them to cut data security corners that the mammoth corporations don’t have to cut. These budget cuts, resulting in reduced data security and sub-par IT services, can end up costing the company even more money. But how much is that cost, exactly?

Ultimately, businesses spend more money (and time) recovering from a data security breach or IT security attacks than it would cost to be prepared against them. According to the 2017 Data Breach Study from the Ponemon Institute, the average total cost of a data breach is $7.35 million in the United States. This is a 5% increase from previous years, so unless you have a bottomless pit of money, a data breach can severely impact your business.

Data Security Costs More than you Think

When disaster strikes, the cost of a breach goes deeper than you might realize. The various aspects that make up that pricey total cost of $7.35 million can include:

  • Inbound communications
  • Special investigative activities
  • Legal expenditures
  • Helpdesk activities
  • Identity protection service

The purchase of cyber and data breach insurance and business continuity management can help minimize the cost of the data breach. In contrast, the rush to notify victims without knowing the total impact can greatly increase post data breach costs.

Many small and mid-size companies are under the false impression that hackers and other security threats only target larger corporations. The reality is that no business is immune to threats, but being prepared for the possibility can help dramatically. The best way to do this? Create strength in numbers by working with a managed services provider and be proactive rather than reactive.

Why You Need a Managed Services Provider

Data security a real concern for small business owners that is much easier to manage with help. Many businesses are making the decision to bring in an outside IT services provider to address their IT needs. Managed services providers offer an affordable solution to small business owners who are struggling to manage an internal IT staff. Business owners are realizing the benefit of having this level of protection.

Here’s how managed services providers can help business owners prevent a data security attack.

  • Increased knowledge– Managed services providers are in the business of technology. They are trained to prevent security breaches and spot any red flags. Moreover, they have the expertise to stop threats and prevent the loss of sensitive and private information that can lead to costly recovery measures.
  • Less expensive than internal IT– An internal IT team can still provide good security, but it will cost much more. A flat monthly fee for security and other services provided by MSP’s is much more cost-effective than paying an internal IT staff or outsourcing.
  • Proactive is better than reactive- The biggest benefit of having a quality managed services provider in your corner is the fact that you are acting in a proactive manner to ensure all of your systems are managed properly. This is less expensive and less time-consuming than reacting to the aftermath of a breach.

The EMPIST Effect

Any small business can benefit from the security provided by a managed services provider. It is cost-effective and provides top-tier IT services and the reassurance that your data is secure. EMPIST is known for providing managed services that successfully protect sensitive data and your business’ future. Eliminate the fear and unnecessary cost of recovery and get proactive against data security breaches now.

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