Since 2004, each US President and Congress has declared October as Cybersecurity Awareness Month, a dedicated month for the public and private sectors to work together to raise awareness about the importance of cybersecurity. This is especially important for small and medium-sized businesses, who are the prime targets for cyber criminals. While Cybersecurity Awareness Month is specific to the United States, many countries and international organizations have adopted it since cyberattacks are a worldwide threat. The cost of cybercrime to world businesses is difficult to pinpoint precisely, as it continues to evolve and expand. Estimating the fiscal impact of cybercrime involves direct financial losses and factors such as the cost of cybersecurity measures, legal fees, and the potential long-term consequences of data breaches. Also, many cybercrimes go unreported. Available data, however, paint a picture of just how expensive cybercrime is to businesses around the world. A few notable examples are:
Cybersecurity Ventures: In their "Cybercrime Damage Costs Predictions" report, Cybersecurity Ventures estimated that the global cost of cybercrime would reach $6.5 trillion annually by 2023.
Accenture: A report by Accenture estimated that the average annual cost of cybercrime for a company in 2022 was $13 million. This estimate factored in direct financial losses and the costs of cybersecurity investment and recovery efforts.
IBM Security: IBM's annual "Cost of a Data Breach Report" provides insights into the fiscal impact of data breaches. In their report, they estimated that the average total cost of a typical small business data breach was $3.86 million.
Cybercrime's financial impact is expected to continue growing as cyber threats evolve and become more sophisticated. Everyone at Roark Tech Services takes Cybersecurity Awareness Month very seriously. We promote education for the small business community all year long but look upon October as a time to drive deeper into the broad spectrum of cybersecurity fitness.
There are several key reasons why we think a dedicated month to Cybersecurity awareness is so important.
Cybersecurity Awareness Month is important because it helps educate individuals, organizations, and governments about the ever-present cyber threats and encourages them to take proactive measures to protect themselves and their digital assets. By fostering a culture of cybersecurity and promoting best practices, we can collectively reduce the risks associated with cyberattacks. If your business is looking to improve their cybersecurity posture, contact us to understand how we can help your business do it right.
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