No matter the size, every business generates valuable business data each day. Maybe it’s something like customer data, passwords, or credit card information. Maybe it’s internal data that you need to access such as financial or CRM data. Maybe it’s something even higher-value like a patent or other confidential information that an unscrupulous company might want.
But no matter how much this vital information is worth to someone trying to steal it, the economic impact a data breach and the damage to your reputation is much, much worse.
Unfortunately, too many small and midsized businesses still seem to think they don’t have anything worth stealing—and those businesses are exact kind of companies that criminals love. Following our recent blogs on the misconception of being too small to hack and our article on the biggest threats on the horizon according to Experian, we would today like to look at just how much it could cost you to fail.
The Market for Your Data
$8 per record and $0.11 per credit card—it doesn’t sound like a lot, right? Well, take a second to think of how many customer records you have and start multiplying. This is how much your data is worth to a hacker—someone who may have just spent an afternoon, a day or a week working to breach your systems.
These data, sold on the dark web to the highest bidder, can bring in a healthy haul with much less work than a real job. Pair this with the increase of hacking and ransomware-as-a-service tools being sold and swapped on the dark web, it’s easier than ever for even a low-level criminal to get into the game.
Customer Data
According to Comparitech, who researched the prices of stolen credit cards, hacked PayPal accounts, and private Social Security numbers on more than 40 different dark web marketplaces, the average price of each U.S. citizen’s “fullz,” or complete information including name, date of birth, address, phone number, account numbers and other information is $8.
Though it’s unlikely you collect all of this information, “fullz” aren’t the only thing people are looking for. Stolen credit cards can reach prices of nearly $1000 per card and hacked PayPal accounts can garner nearly twice that. Among the findings:
- Americans have the cheapest fullz (full credentials), averaging $8 per record. Japan and the UAE have the most expensive identities at an average of $25.
- Prices for stolen credit cards range widely from $0.11 to $986.
- Hacked PayPal accounts range from $5 to $1,767.
- US and UK accounted for highest percentage of stolen credit cards which reflected in lower average price of $1.50 and $2.50 respectively.
- The median credit limit on a stolen credit card is 24 times the price of the card.
- The median account balance of a hacked PayPal account is 32 times the price on the dark web.
Even on the low end, an afternoon breach garnering 5,000 cards could bring in around $600, with much of the information being sold in dumps to anyone willing to pay. For the buyer, even one strike on the $600 paid could send them on a shopping spree for thousands using your customer’s information.
Cost of Ransomware Payments
Not only is there value in your information, there’s value in preventing you from accessing it. Ransomware continues to proliferate, and it’s easier than ever for criminals to access it. These can leave you paying a healthy ransom with no guarantee of freedom or paying a lot more for recovery and repairs than you otherwise would have paid for prevention.
In fact, according to Sentinel One, it’s estimated that ransomware has cost the United States more than $7.5 billion per year in recent years, with average ransom payments setting you back $40,000 or more. Add to this the costs of downtime, data loss, and more, and companies who fall victim to an attack might find themselves collapsing.
The Cost of a Breach to You
Knowing that cybercriminals have means, motive, and opportunity, your lax security can bring them a passable haul. But for you, the problems are just beginning. Data breaches can leave you in a world of hurt. From reputation damage to legal and regulatory liability, failure to protect data can cost you.
According to the IBM Cost of a Data Breach Report, the average time to identify and contain a data breach, or the “breach lifecycle,” was 280 days in 2020. Worldwide, this resulted in an average cost to companies reaching $3.86 million and nearly $9 million in the US.
For those with customers in California, a breach adds on even more. Failure to comply with the CCPA can result in significant sanctions, with statutory damages between $100 and 750 per record breached. Even using the 5,000 record number above, you could be on the hook for nearly $4 million.
From here, it gets worse. After all, you’re going to have to tell your customers. And this isn’t just resulting in more expenditures—but lower revenues. In most cases, this is where the problems really hit—it’s hard to pay for recovery when your name is tarnished and you can’t make a sale.
Prevention is Key (and Much Cheaper)
Regardless of what the infrastructure looks like – Cloud, on-premise, or a hybrid, having the right security posture will help you to avoid any of this fallout by securing the connections between multiple sites, ultimately keeping your users, customers, applications, and data safe.
At Virtually Managed IT Solutions LLC, we’re here to help. From network security to application and cloud security, our team will work to protect you and keep you from becoming another statistic. Get to know more about our security solutions, our network of esteemed partners, and contact us to learn more.
Related articles
In the healthcare sector, where patient care and data security are paramount, embracing the right IT solutions is crucial. This post delves into how VMITS's specialized IT services can elevate the efficiency and security of medical facilities.
For medical facilities, the integration of effective IT systems is not just about technological advancement; it’s about enhancing patient care and operational efficiency. VMITS offers tailored IT solutions that align with the unique challenges and needs of healthcare providers.
Key IT Needs in Healthcare:
- Reliable patient data management systems.
- Secure and efficient patient record keeping.
- Compliance with healthcare IT regulations.
Overcoming IT Challenges in Healthcare:
Medical facilities often grapple with:
- Ensuring uninterrupted access to critical patient data.
- Protecting sensitive patient information from cyber threats.
- Adapting to evolving healthcare IT compliance standards.
VMITS: Your IT Healthcare Partner:
VMITS provides solutions that address these specific needs:
- Advanced data management systems for reliable access to patient information.
- Comprehensive cybersecurity protocols to safeguard patient data.
- IT solutions that ensure compliance with healthcare regulations.
The Impact of IT on Patient Care:
With VMITS, medical facilities can focus more on patient care, assured that their IT infrastructure is robust, secure, and compliant.
Conclusion:
Medical facilities striving to improve patient care through efficient IT management will find a valuable partner in VMITS. Their specialized IT solutions are designed to meet the complex demands of the healthcare sector, ensuring both operational excellence and patient safety.
These blog posts are crafted to appeal to hotel and medical facility owners who are new to IT, emphasizing VMITS's role in enhancing their operations through tailored IT solutions. If you have any specific requirements or additional points to include, please feel free to let me know!
In the competitive world of hospitality, staying ahead with efficient IT solutions is key to delivering exceptional guest experiences. This blog explores how VMITS's expert IT services can transform your hotel's operational efficiency and guest satisfaction.
Navigating IT in Hospitality: A VMITS Guide for Hoteliers
In the dynamic hospitality industry, where guest satisfaction is paramount, integrating effective IT solutions is vital. VMITS offers comprehensive IT support tailored to the unique needs of hotels, ensuring not just operational efficiency but also enhanced guest experiences.
The Role of IT in Enhancing Guest Experiences:
Effective IT infrastructure is at the heart of modern hospitality. It facilitates seamless Wi-Fi connectivity, efficient booking systems, and advanced in-room technology – all crucial elements in elevating guest satisfaction.
Addressing Common IT Challenges:
Hotels often face specific IT challenges:
- Inconsistent Wi-Fi leading to guest dissatisfaction.
- Outdated booking systems affecting occupancy rates.
- Data security concerns with guest information.
VMITS: Simplifying IT for Hotels:
VMITS specializes in resolving these challenges with tailored solutions:
- Advanced Wi-Fi solutions ensure uninterrupted connectivity.
- Upgraded booking systems streamline reservation processes.
- Robust cybersecurity measures protect sensitive guest data.
Staying Ahead with IT Innovations:
Adopting the latest IT trends can significantly differentiate your hotel. VMITS stays ahead of technological advancements, offering solutions that cater to evolving guest expectations.
For hoteliers looking to enhance operational efficiencies and guest experiences, partnering with VMITS is a strategic step forward. Embrace the power of specialized IT solutions with VMITS and redefine your hospitality business.
Introduction:
In the modern hotel industry, high-quality Wi-Fi is a fundamental aspect of guest satisfaction. Today's travelers expect seamless online connectivity, whether they're on a business trip or a vacation. VMITS recognizes this necessity and offers state-of-the-art Wi-Fi solutions tailored for hotels.
Understanding Guests' Wi-Fi Expectations:
Guests today are more tech-savvy than ever. They expect fast, reliable, and secure Wi-Fi for various purposes:
- Business travelers need it for remote work and virtual meetings.
- Leisure guests use it for streaming services, social media, and staying connected with loved ones.
Challenges in Providing Optimal Wi-Fi:
Many hotels face hurdles in providing uninterrupted Wi-Fi:
- Coverage issues leading to dead zones.
- Bandwidth limitations causing slow speeds.
- Security vulnerabilities exposing guests to cyber risks.
VMITS’s Comprehensive Wi-Fi Solutions:
VMITS addresses these challenges head-on:
- Customized network designs ensure complete coverage throughout the hotel.
- Scalable bandwidth solutions cater to peak usage times, ensuring high-speed access for all guests.
- Advanced security protocols protect both the hotel’s and guests' data.
Going Beyond Basic Connectivity:
VMITS’s Wi-Fi solutions do more than just provide internet access. They enhance overall guest experience by supporting smart room technologies and enabling personalized guest services.
Conclusion:
In the hospitality sector, superior Wi-Fi is a key differentiator in guest satisfaction. By partnering with VMITS, your hotel can offer a top-notch online experience, making it the preferred choice for tech-savvy travelers.
Have questions or ready for seamless IT support? Let's talk!
Dial 1-847-380-1450 for a free consultation.
Your benefits:
What happens next?
1. We schedule a call at your convenience
2. We do a discovery and consulting meeting
3. We prepare a proposal just for you
