Data Breaches Cost How Much?

Friday in an article of the same name, Charles Weaver, CEO of MSPAlliance asks, “Do we know what their real cost is?” He reports, “IBM and the Ponemon Institute have an answer: $3.86 million is the average cost of a data breach.”  Weaver goes on to mention the additional hidden costs, such as reputation damage, customer attrition, and operational expenses.  The truth is a data breach is a huge financial risk, and we know everything is at stake.

Weaver mentions that MSPs should be having data breach conversations with their customers, and I agree.

Breaches Impact Everyone

“Data breaches affect all organizations, regardless of whether they are regulated or not.”

While data breaches continue to expand, there are precautions that can be taken.  Quadrivium is working with our cyber security partners and customers to leverage these best practice scenarios to protect our customers.

What to expect:

Quadrivium has delved deep into the cyber security space.  We have gained useful knowledge from our managed services and consulting on the subject.  This week, we have consulted with a representative testifying today to congressional and senate committees on the current state of cyber warfare.  We will be reaching out to all of our customers to discuss:

  • Data breach awareness
  • Prevention
  • Procedures in the event of a breach
  • Involvement of Quadrivium in handling breaches

“What cannot happen is the customer think that an MSP will indemnify them against all ‘tech’ problems, which include data breach incidents.”

While this is true, we at Quadrivium believe with proper planning, testing, and training, we can lower the chances of one of our customers becoming a statistic.

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