The Real Costs of Being Hacked

The Real Costs of Being Hacked

When a breach occurs in your office, you know that you will have to pay to get your network and equipment restored, and probably take a slight loss from downtime. Most business owners that we talk with view getting hacked as an inconvenience rather than a bottom-line cost.

For anyone who has gone through it, however, they have a different tale to tell. They can tell you all about the expenses that crippled their business when they were hacked, and that effective IT services could have prevented the breach completely. The costs of an information breach can be so harsh, that most small businesses are forced to close because of the financial hit they take.

Here are the harsh realities of a hack:

Wiping the Budget Clean

From the moment your business is hacked, expenses begin to pile up; and the longer the attack, the most it costs. Many hacks take up to six months to identify, and it can take another two full months to control the damage. When an attack of this severity occurs, you will need to hire experts to clean your entire system.

They will need to go through every computer, server, printer, mobile device, and more to ensure that your system has removed the breach completely. On top of that, these experts will recommend different hardware and software solutions to ensure that it doesn’t happen again.

Fines and Legal Fees

Depending on the data lost and how your company handled the situation, there could be fees and legal costs that approach millions of dollars. Depending on the industry you work in, the information that got out could cause significant costs for your business; not to mention, having to hire an expert to help you gather the information that was lost to prove it.

Customer Loss

One of the most challenging aspects of a breach is the impact it has on your company’s reputation. Both current customers and prospective customers can be lost due to a hack, which helps your business’ ability to recover.

The costs of a data breach can be brutal, but Managed IT Services from MMIT Business Solutions Group can help protect your business from the treats of a cyber attack. To learn more, contact MMIT Business Solutions Group today!