Is Your Business at Risk of Data Security Breaches?

– 58% of data security breaches in 2022 targeted businesses with less than 1,000 employees.
– The average cost of a data breach in the US was $9.48 million in 2023.
– Data breaches can lead to extensive expenses for companies, including legal support, forensics, data recovery assistance, and public relations support.
– Customers affected by data breaches are vulnerable to fraud and potential identity theft for years afterward. 1. Keep track of sensitive data and limit access to it to prevent data breaches.
2. Employ threat detection and response tools to monitor systems and data for potential cyberattacks.
3. Train employees to be vigilant and aware of potential cybersecurity threats.
4. Create backups of data and keep them up to date in a separate off-site physical location. – Cybersecurity insurance can cover significant costs associated with data breaches and cyberattacks, including data recovery, legal claims, and system forensics.
– Businesses of all sizes and industries are targeted by data breaches, and the costs associated with cyberattacks can be substantial.
– It is crucial for businesses to understand the risks and take proactive measures to defend their data, including creating a robust cybersecurity plan.
– Preventing a data breach is easier and more cost-effective in the long run than recovering from one. – First Citizens Bank recommends consulting a professional for personalized financial advice.
– Third parties mentioned are not affiliated with First Citizens Bank & Trust Company.
– Links to third-party websites may have different privacy policies and may be less secure than the First Citizens Bank website.
– First Citizens Bank and its affiliates are not responsible for products, services, and content on third-party websites.
– First Citizens Bank is a Member FDIC and an Equal Housing Lender.

https://www.firstcitizens.com/commercial/insights/risk-management/cost-of-a-data-breach