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The average cyber breach can cost an SME up to $1.24 million, often leading to business closure within six months.
This exclusive offer is underwritten by Allianz Insurance Singapore- the leading global insurer for small businesses and startups.
SMEs and Startups close within 6 months of a cyber attack.
Businesses often can't afford the extensive recovery costs associated with cyber incidents, including legal fees, forensic investigations, system restoration, cyber expertise, regulatory fines, customer monitoring, reputational damage, and more.
- IBM 2024
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Ransomware attacks are aimed at SMEs and Startups.
Ransomware can lead to significant downtime and revenue loss if the business lacks a proper backup and system restoration process. - IBM 2024
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Is the average cost of a data breach for an SME and Startup.
Most SMEs and startups cannot afford these costs and typically shut down within six months of a cyberattack. - IBM 2024
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$70k for communications and help desks to notify customers, public, and regulators.
$270k for legal fees, tech support, incident mgmt. and monitoring for any further data leaks.
$340k for cyber auditors, e-forensic, cyber experts, system engineers, and crisis mgmt.
$320k for new systems backups, replacement, security tools, and customer incentives.