Retail Merchants Association put together a presentation about Cyber Security. They, along with David DiGiacomo, Vice President of Business Development at Cobb Technologies, presented Chris Moschella, Risk & Advisory Services Manager at Keiter, and Collin Hite, Cybersecurity & Data Privacy Leader at Hirschler Fleischer. The advice and facts given by Chris Moschella and Collin Hite were eye opening. The average cost per stolen or lost record is $221.00. $145.00 of that goes towards the indirect costs to resolve the breach and $76.00 directly to resolving the breach. 60% of small businesses fold after a breach due to the costs.
How do you prevent this from happening to you? Create a policy and procedures to follow. Ensure that all of your employees, not just the IT department are trained. GET INSURANCE! Double check your E&O Policy. It does not always cover Cyber Security Incidents to its fullest. Have a professional check out your security via an attorney that is proficient in cyber laws.