A W2 is just a simple piece of paper. And yet, losing one could cost your company hundreds of dollars. Losing your staff's W2s could cost you thousands.
The Cost of Your Data
Every year, the Ponemon Institute puts out the "Cost of a Data Breach" Report. It is the gold standard in cybersecurity research. They estimate that the cost of losing just one record (such as a W2) is $233. If you're in healthcare, it nearly doubles to $408.
How is this possible? How can such a small thing cost your company so much? Easy. Once your system is breached by a hacker, you have to take steps to detect the breach and patch your network. That costs time and money. Then, by law, you have to notify the person who's record was lost. That menas your company could be sued. There are reparations to be made. If they were a client, you may lose their business.
This is for one record. What if you lost more? What if you lost all your billing records because someone hacked your accounting department? Credit card numbers? Your costs can range in the hundreds of thousands. You might never recover from that.
The Value of Protection
This is why proper IT protections are so important. You need a secure IT perimeter (business-firewall and anti-virus) and a staff educated on cybersecurity. You need someone monitoring your network 24/7. Some of these things aren't cheap. But they're a lot cheaper than a data breach.
But it's not as simple of buying the most expensive firewall either. You need a security expert to monitor and manage it. After all, what good is having a fortress if you have no one to man the walls? And once you have that in place, what about backups? Or training your employees (so they don't leave the fortress door open)? Who does that?
Getting the Right Team
That's why our founder, Michael Rudnick, wrote the IT Buyer's Guide. This has everything you need to know to get the right IT team for your needs. It's available to you at NO COST. As a president or CEO, you should never have to jump through hoops to get the information you need.
And if you're a non-profit, Michael wrote a Buyer's Guide JUST for you.