All Points Mobile Shredding Blog
What’s a security breach going to cost my company?
The effects of a cyber attack you may not know exist
Issues with company insurance
Many businesses who suffer a security breach find themselves faced with higher insurance premiums, some with increases up to 200%, while others are denied coverage renewal.
Lost contracts
In the wake of a security breach, businesses lose contracts or find it difficult to negotiate new ones.
Increased customer attrition
After a cyber attack, companies have reported an up to 30% customer attrition rate. Customers often terminate relationships with companies that have experienced a breach and switch to a different source for whatever service or product they have been receiving.
Damage or devaluation of company reputation
A security breach is often deemed as a weakness or defect by customers and the public. This perception can translate into a damaged reputation for your company and your brand.
Loss in sales and profit
Once your company is victim to a data loss, it is not uncommon for sales to decrease which directly affects your bottom line.
Downgrades in company credit
Companies as vast as Target have experienced issues with company credit after an attack. The effect on small and mid-size businesses can be even greater because many of these companies depend on credit for dealing with vendors and product production.
Loss of intellectual property
A data theft or security breach can impact your company for years if it results in loss of intellectual property such as patents, copyrights and trademarks.
Minimize your risk
Anyone doing business today is at risk for a security breach-but you can minimize your risk by taking certain precautions and staying up to date with recommended protocols.
All Points Mobile Shredding can help prevent data breaches by providing you with onsite mobile shredding and destruction. Since 1994, we’ve helped protect businesses across South Florida, from Okeechobee County down to Broward County. Give us a call today or fill out this form to find our more.
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