April 23, 2013
The cost of a data breach has always been a heavy toll on businesses, but according to a recent report from the U.K.'s Department for Business, Innovation and Skills, 87 percent of small businesses and 93 percent of large companies have experienced at least one in the last year and the cost of these breaches has tripled over the past year. As a best practice, companies should have web and email security in place to avoid these instances.
Small business breaches cost $76,420 on average, according to the report, with businesses who employ 250 workers or more spending nearly $1 million per breach. Minister for Universities and Science David Willetts said keeping electronic information safe is now imperative to the bottom line of these organizations.
"Companies are more at risk than ever of having their cyber security compromised, in particular small businesses, and no sector is immune from attack. But there are simple steps that can be taken to prevent the majority of incidents," he said.
Additional key results from this report showed:
Organizations must be sure they are prepared to stop these breaches with a plan for network, internet and email protection.