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Why Prevention is Cheaper Than the Recovery
Cybercrime has rapidly evolved over the last decade, becoming one of the most significant threats to businesses of all sizes. As we step into 2025, the cost of cybercrime worldwide has been projected to be $10.5 trillion annually. The UK is no exception, with latest reports showing over 50% of businesses and 32% of charities will experience a data breach or attack. The stats for medium or large businesses are even higher at around 70/74%*!
The odds your business will be targeted are alarmingly high, for every 10 businesses, it’s likely 7 will be victim of an attack. There is no longer any room to ignore cybersecurity, it’s real and every business needs to be prepared.
In this blog, we will discuss the impact of cyberattacks and why investing in prevention, like SafeWeb, is far more cost-effective than recovery.
The Hidden Costs of Cybercrime
When businesses think of cyberattacks, they often focus on direct losses, such as stolen funds or data. However, the true cost of cybercrime extends far beyond immediate financial impacts. Here are some of the hidden costs:
- Operational Downtime: A ransomware attack can halt operations for days or even weeks. Downtime means lost productivity, missed deadlines, and unhappy customers.
- Legal and Compliance Penalties: Many industries are governed by strict data protection regulations. A breach could result in hefty fines and legal battles.
- Reputational Damage: Losing customer trust can take years to rebuild. Studies show that businesses often experience a significant drop in sales after a high-profile breach.
- Recovery Costs: Restoring systems and data recovery can be incredibly costly.
- Employee Training and Morale: Post-attack, businesses must often invest in re-training staff and addressing morale issues caused by the breach.
Why Prevention is Cheaper
The saying “prevention is better than a cure” rings especially true in cybersecurity. Prevent attacks right at the source with security software that block malicious activity in real-time. Limiting disruptions, preserving customer relations and allow you to focus on your business.
Take Control with SafeWeb
SafeWeb is designed to address the changing landscape of cyber threats. Here’s how SafeWeb can help you catch data breaches before they evolve:
- 24/7 Dark Web Monitoring: SafeWeb continually scans the hidden corner of the internet known as the ‘dark web’, looking for any potential sensitive business information from your business.
- Phishing Simulators: Conduct controlled phishing experiments within your business to identify problem areas and where more training may be necessary.
- Exposure Reports: SafeWeb will alert you as soon as a data breach is identified. Additionally, each month, your business will receive a detailed breach report.
- Incident Response: SafeWeb’s expert incident response team is on hand to help and advise you if alerted to a potential breach or a breach is suspected.
Investing in Your Cybersecurity Future
While no solution can guarantee 100% protection, the right tools and strategies can significantly reduce the risk and impact of cyberattacks. Investing in a solution like SafeWeb is not just about saving money; it’s about safeguarding your business’s future.
Contact NT today to learn how SafeWeb can be a great defensive weapon against the ever-present threat of cyberattacks or for more cybersecurity options tailored to your business.
Join the growing number of companies taking proactive steps to combat cybercrime. Stop paying for the effects of cybercrime, invest in the future and take the cheaper option with the added benefit of peace of mind. Let’s fight crime together!
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