CyberCrime: Affecting Businesses and You

It is estimated that cybercrime will cost approximately $6 trillion per year on average through 2021.  That’s a massive figure, one that is almost impossible for most people to imagine.  But more concerning than the number itself is what it means for modern businesses. Everywhere, companies are upping their cybersecurity budgets in an attempt to lower the catastrophic costs of a potential data breach. The average cost of a breach tallies into the millions, but the dollars lost only account for the direct cost of a breach. That figure is quantifiable for businesses, but the true costs cut even deeper. When investigating the collateral effects of a cyberattack, the outlook for businesses in the aftermath becomes bleak. Dollars and cents aside, some businesses never fully recover from a data breach, and there can be some potentially disastrous consequences.


At Setco Services, cyber security is of utmost importance in caring for our clients. A few tips to help you protect your data and keep you safe are:

  • Don’t give out personal information over the phone or via email unless you’re absolutely sure of whom you’re giving it to.
  • Keep your operating system, browser, and anti-virus software updated.
  • Opt for a password that’s difficult to crack, instead of one that’s easy to remember.
  • Never click on links sent to you via email.

Tips for businesses to protect themselves are similar to what you as an individual can use.  Protecting your Credit Cards and Banks Accounts are at the top of the list since it is a common area of fraud for everyone. Securing your IT infrastructure by using a firewall as well as anti-virus, malware and spyware detection software is also an important part of information preservation. Have a password policy with your employees and educate staff about cybercrime.  Employees are perhaps your biggest point of vulnerability when it comes to fraud, but they are also your first line of defense.  Our last tip for securing your business but certainly not least in importance is to ensure your business with an insurance policy that protects you against any losses that you may incur from crime or fraud.

Check out The True Cost Of Cybercrime For Businesses to read more about how Cybercrime is affecting businesses today.

Contact us today to see how we can assist you with your closing while keeping all of your personal information safe.

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