While cybercrime statistics hint at the alarming financial consequences of an Internet security breach, a recent case study from Internet Security Awareness Training (ISAT) firm KnowBe4 breaks down the actual costs incurred by one small business. Cyberheists of bank accounts or proprietary data can result in huge financial losses; but as this case demonstrates, a compromised webserver can have expensive repercussions even when there is no theft of funds or data.
Cybercrime can financially impact a business in several ways. In addition to measurable costs - such as those relating to repair/replacement of systems, loss of revenue and loss of productivity - there are also more intangible costs associated with loss of reputation. A 2010 Symantec survey found that 75% of small and medium businesses (SMBs) were victims of cyber attacks in the previous year, with an average annual cost of $188,242.* Some suffered direct financial costs that were substantially higher; however, even smaller losses in the four- or five-figure range have the potential to cripple a small business.
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