Cyber crime effects costs of businesses in several ways | Online ...

While many companies take steps to maintain their internet security, businesses may not be aware of the hidden costs associated with cyber crime.

A recent case study conducted by the Internet Security Awareness Training firm KnowBe4 compiled data from a small company and showed that a breach occurred when an employee used a webserver to illegally download music. The company was billed for 110 hours of work to fix the problem.

The study was conducted by KnowBe4 to determine the ways cybercrime could financially impact a business. With the Symantec survey reporting an average annual cost of $188,242, just one incidence of cybercrime could ruin a small business.

"Small and mid-sized organizations are facing increased risks to their confidential information ? including bank account numbers, credit card information and customer and employee records," said Bernard Laroche, senior director of product marketing at Symantec. "A year ago, a Symantec survey found one-third of SMBs did not have the most basic protection of all ? antivirus protection."

Symantec says business owners should educate their employees about Internet safety, as this measure can be a low-cost way to reduce the possibility of cybercrime.?

Source: http://online.ccj.pdx.edu/cyber-crime-effects-costs-of-businesses-in-several-ways-800566042/

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