As cyber threats become increasingly sophisticated, the costs associated with data breaches and losses will become even steeper. Research performed by IBM in 2022 showed that, on average, a cybersecurity incident cost businesses an average of nearly $4.4 million – a huge sum for anyone, but particularly crippling for small companies. Deloitte counted higher insurance premiums, damage to customer relationships, and even increases to debt servicing costs among the consequences.
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