When an organization is impacted by a downtime event, the financial devastation can be enormous. The epidemic of cyberattacks is becoming more frequent and sophisticated. Downtime costs continue to rise with no end in sight. Let’s take a look at some the costs of downtime due to cybercrime and data breaches.
Enterprises
- 98% of organizations say a single hour of downtime costs more than $100,000. (RandGroup) (ITIC)
- 88% of survey respondents indicated that 60 minutes of downtime costs their businesses more than $300,000. (RandGroup) (ITIC)
- Four-in-10 survey respondents reported that one hour of downtime costs their companies between $1-5 million. (RandGroup) (ITIC)
Small and Medium Businesses
- A single hour of downtime can cost as much as $8,600 while an outage lasting a whole day can cause damages of up to $68,800. (CrashPlan for Small Business)
- 66% reported that a data loss incident would cause them to shut down for at least a day, or put them out of business altogether. (CrashPlan for Small Business)
- Almost one in five (18%) never recover their data. In addition, fewer than 33% of incidents suffered by SMBs are reported to the authorities. (CrashPlan for Small Business)
Data Breaches Are Not Letting Up Soon
- Since COVID-19, the FBI announced a 300% increase in reported cybercrimes. [IMCGrupo]
- Attacks related to COVID-19 are responsible for a 238% rise in attacks on banks in 2020. [Fintech News]
- An estimated 4,000,000 DDoS attacks were reported monthly in the last few years. [Caliptix Security]
- By 2023, the total number of DDoS attacks across the world will hit 15.4 million. [Cisco]
- Cloud-based cyberattacks grew 630% between January and April 2020. [Fintech News]
Five Preventive Measures to Avoid Downtime
The best option to avoid downtime is to not get compromised in the first place, More and more companies are relying on trusted managed service providers to manage and protect their organization’s network environment. Here are five preventive measures Magna5 can help your organization proactively prepare for the unexpected.
Ongoing security monitoring is a critical component of network security.
Magna5 safeguards critical infrastructures from cyber threats and data breaches by proactively monitoring all devices, servers, routers and firewalls, switches as well as end-user devices. Full network visibility with actionable threat intelligence data allows threat detection across all endpoints, on and off the network.
Next-generation firewalls and intrusion protection systems add an additional layer of protection to your perimeter security.
Magna5 can quickly identify and block malicious traffic on the network with 24/7/365 traffic flow monitoring, visibility and security coverage over a wide range of network protocols. Log management, signature tuning and device management ensure corrective filtering and access restrictions are current with best practices and industry standards.
Patch management ensures that threat actors cannot exploit out-of-date vulnerabilities and bugs in operating systems and cloud-based software.
Staying current with patches can be a difficult task for limited IT staffs. Many large data breaches have been caused because organizations have failed to patch vendor releases in a timely manner. Magna5 patch management services provide a cost-effective and streamlined solution to stay secure, current and optimized with regular testing and scheduling of planned and emergency patches.
Anti-virus assures end user devices are protected from the spread of malware and trojan viruses.
While anti-virus protection alone is not enough to protect organizations from emerging threats, it does fortify endpoints through a layered defense approach with unified prevention, multi-stage detection and automated response.
Data backup and disaster recovery safeguard critical data, applications and systems from permanent loss that can cause major business disruptions.
Natural disasters, hard drive crashes, servers going down or data breaches by threat actors … they can happen without warning. Magna5 provides regularly scheduled, cloud backup stored locally or replicated to one of our secure, offsite data centers with multiple points of presence for quick business recovery. Backups are encrypted and disconnected from the customer’s network, eliminating possible ransomware lockup or backup compromise.
