The Costs of Cybersecurity for Business

The Costs of Cybersecurity for Business

Cybercrime is the fastest growing crime in the US. It cost the US economy between $57-$109 billion in 2016 and that number is climbing.   By 2021 it is predicted to cost global businesses between $6 and $8 trillion annually.  These costs may include: damage and destruction of data, stolen money, lost productivity, theft of personal and financial data, fraud, deletion of hacked data and systems, and reputational harm.

The healthcare industry has been in the line of fire for the last two years.  Manufacturing, financial services, government, transportation, and the construction industry are predicted to be hot targets in 2018.  And many small businesses have learned the hard way that nearly half of all cybersecurity breaches are committed against small businesses.

For some businesses, sources of these security breaches can be the improper storage of retired electronic equipment and the available data that can still be found on these devices after disposal.  According to Fortune Magazine, when enterprises throw away their gadgets and hardware they are making their data vulnerable to cybercrime.  That makes electronic data destruction a cybersecurity issue for many businesses.

It can be challenging to protect your data, employees and customers.   But once IT equipment reaches the end of its lifespan, it’s expensive and likely illegal to just dump it. Create a comprehensive IT asset plan to take advantage of single source vendors that can perform data destruction, asset recovery, asset disassembly and transit as needed in order to support a life cycle management program that minimizes your cybersecurity risk.  Your VAR should be able to help you in the selection of a NAID AAA certified asset disposition vendor who can work with you to ensure that your data remains secure when your IT equipment is at the end of its useful life. Or you can contact Guardian Data Destruction for additional information. We’re happy to help!

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