The $4 Million Hack: Why Cyber Attacks Are Breaking the Bank
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The $4 Million Hack: Why Cyber Attacks Are Breaking the Bank
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📌 Episode Description / Show Notes:
- Think a cyber attack won’t cost your business much? Think again.
- Many business owners assume cyber attacks don’t actually destroy anything — no fire, no physical theft — so the damage must be minimal.
- But according to a CNET article from July 2022, the average data breach costs $4.4 million, especially for larger companies.
- Even smaller businesses aren't safe — breaches can easily cost hundreds of thousands of dollars, even at the low end.
- Ransomware, system outages, and data loss can severely disrupt business operations.
- If your accounts receivable system is down, you can’t collect payments. If your sales systems are frozen for days, you lose money and momentum.
- Customers may switch to competitors, employees may lose confidence, and company morale can suffer.
- A single cyber attack can shut down a business permanently if there are no recovery plans in place.
- Whether it’s through cybersecurity measures or a cyber insurance policy, it’s critical to evaluate and protect your business risk.
- Tune in to understand the real financial impact of cyber attacks and why prevention is far cheaper than recovery.
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