Data breaches are difficult to accept and it isn’t surprising that they have long term, devastating consequences on businesses. Often, small business owners believe that cybercriminals are only looking to target large organizations. Contrarily, a report found that 90% of breaches impact small businesses.
The out-of-pocket budget for maintaining good security practices is what worries small business owners the most. However, the aftermath of a data breach is far more devastating and expensive than implementing good security measures in an organization in the first place.
Regardless of the size of your company, you should implement strong security measures that protect your data and organization against potential cyber threats and data breaches.
Here are some of the most common long-term effects of a data breach on businesses: