Companies are storing imporant personal information of all their customers on servers or cloud services and are becoming a target for hackers around the world. With technology advancing at such a rapid rate, hackers are able to bypass protocols with ease and access this information fairly quickly. Unfortunately, companies in the finance, medical, and retail industries are required to protect this information and restore it should a breach happen. With these rising costs in mind, what does this mean for Managed Service Providers?
The cost of a data breach
The Ponemon Institute, an organization that studies data breaches, conducted a study where the average stolen record costs a company about $154. This is an increase from $145, the average cost of a single stolen record last year. These numbers range from industry to industry with healthcare companies being the most expensive for obvious reasons. The average cost of a data breach last year was $3.5 million where now the number is closer to $3.8 million.
What are the costs associated with a data breach?
Data breaches are handled by outside IT professionals and companies who specialize in this work. Not only would an IT company fix it but they would implement stronger security methods to prevent this from happening and easier ways to report the incidents. This in turn would reduce the costs of future breaches and keep personal information out of reach.
Managed Service Providers are the answer
It’s very easy to find a company that has overlooked their security systems in place. Most haven’t updated their systems in a while and have left loopholes that can be exploited easily. MSP’s are not an exception when it comes to breaches, but they will implement and provide the best security systems available. They will also train your staff to better handles these situations and be one step ahead of data thieves. When deciding on a security system, make sure you evalutate the costs and consequences and you’ll realize using MSP’s can bring a lot of value to your company.