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How Can Sound Power Solutions Help Your Business Understand and Respond to Data Breach Costs?
In the digital era, technology risks like data breaches can reshape your business's financial health. Stay informed by understanding the causes and associated costs. Sound Power Solutions offers the IBM-Ponemon Institute's well-known report, 'The Cost of a Data Breach'— a deep dive into the experiences of 553 organizations in the year to March 2023. This free research provides invaluable data on the repercussions of data breaches, identifying the factors that minimize or elevate losses.
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In 2023, the average cost of a data breach reached USD 4.45 million, marking a 2.3% increase from the previous year's cost of USD 4.35 million. Over the long term, this represents a 15.3% rise from USD 3.86 million in 2020.
Impact of Security Investments
The report indicates that organizations are nearly evenly split on whether they plan to increase security investments following a data breach. The primary areas for potential investment include incident response planning, employee training, and threat detection technologies.
Role of Law Enforcement in Ransomware Incidents
Research shows that organizations that did not involve law enforcement in ransomware incidents faced 9.6% higher costs and experienced a breach lifecycle that was 33 days longer compared to those that did involve law enforcement.
How Can Sound Power Solutions Help Your Business Understand and Respond to Data Breach Costs?
published by Sound Power Solutions
We are an technology managed service and software development firm with successful experience assisting a myriad of businesses. We have experience in the human resources, healthcare, assisted living , financial management, and warehouse management sectors. We provide consulting and managed solution services to help our clients at all phases of implementing technology. This includes:
Helping to manage your office IT environment (computers, networks, and productivity software)
Implement and manage productivity and communication solutions such as Microsoft 365
Developing a technology roadmap to meet your team's growing needs
Building software and systems to help implement your roadmap
Helping you support and maintain your custom software solutions
Providing training in security and general software usage
At Sound Power Solutions, our goal is to always find the right solution to power your team. We leverage our team's deep experience in IT support, business analysis, systems engineering, software engineering, data development & management, and project management to make that happen for each of our clients.
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