Cyber Attacks on enterprises are inevitable these days. As per a Cyber Security Breach Survey 2017, 46% of businesses in the UK with over 99 employees saw at least one cyber attack in the past 12 months. When it comes to the United States as per the report compiled by Hiscox Cyber Readiness Report more than 72% companies in the US witnessed a cyber attack in past 9 months.
This seems more alarming when we weigh out the risks posed by cyber attacks. It is usually done by measuring the terms of money spent on technical investigations, implementation of stronger security measures, compliance costs, and customer notifications. Apart from the above-specified costs, they are also other costs which need be dealt by companies who suffered a cyber attack. And those are as follows-
Customer trust vanishes- Once a cyber attack takes place on a company, the trust of the clients and customers of that company dives down. This will, in fact, affect the task of getting new customers or clients onboard.
Business will witness profits loss- As customers and clients will start showing disinterest in your business for failing to protect your data assets, you need to persuade them with steep discounts to gain back their trust. But there is no guaranty that this persuasion task will bring back to you all the good fortune which was lost after the cyber attack. So, companies which fail to protect their data will usually land up losing all their profits.
Day to day enterprise operations will be stalled- As soon as a malware attack takes place, all your systems will be rendered unusable, leading to a disruption in operations.
Loss of intellectual property- For businesses holding Intellectual Property, cyber attack means a business doom. Especially, for small production companies and software developers, this can spell a death blow.
Insurance costs will rise- As soon as your company becomes a victim of the cyber-attack, the next cyber insurance premium will be charged higher. So, get ready to pay high for getting a cyber protection for your company from then on.
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