Impact of cyber attack on your business

Impact of cyber attack on your business or organization.

A successful cyber attack can cause major damage to your business. It can affect your bottom line as well as your business’s standing and consumer trust. The impact of a security breach can be broadly divided into three categories: financial, reputational, and legal.

The economic cost of a cyber attack

Cyber attacks often result in substantial financial losses arising from:

• theft of corporate information
• theft of financial information (eg bank details or payment card details)
• theft of money
• disruption to trading (eg inability to carry out transactions online)
• loss of business or contract

In dealing with the breach, businesses will also generally incur costs associated with repairing affected systems, networks, and devices.

Reputational damage

Trust is an essential element of a customer relationship. Cyber attacks can damage your business’ reputation and break the trust your customers have in you. This, in turn, could potentially lead to:

• loss of customers
• loss of sales
• reduction in profits

The effect of reputational damage can even impact your suppliers or affect relationships you may have with partners, investors, and other third parties vested in your business.

The legal consequences of a cyber breach

Data protection and privacy laws require you to manage the security of all personal data you hold, whether on your staff or your customers. If this data is accidentally or deliberately compromised and you have failed to deploy appropriate security measures, you may face fines and regulatory sanctions.

How to minimize the impact of cyber attacks on businesses

Security breaches can devastate even the most resilient of businesses. It is extremely important to manage the risks accordingly.

You can contact Cyber1 Defense Communication to check your cyber security service and perform a range of simple online checks to identify common vulnerabilities in your public-facing IT.

Cyber1 Defense Communication also offers a free Cyber Action Plan. By answering a few simple questions, you can get a free personalized action plan that lists what you or your organization can do right now to protect against cyber attacks.

After an attack happens, an effective cyber security incident response plan can help you:

• Reduce the impact of the attack
• Report the incident to the relevant authority.
• Clean up the affected systems
• Get your business up and running in the shortest time possible

Investing in user training, education, and awareness in your organization will also help with its safety.

Read also: Ransomware attack news.