Reputation Damage
Cyber attacks can impact your company’s reputation and adversely affect your customers’ trust in you. This could lead to a loss of customers, or a decline in sales or profits. The consequences of reputational damage can even affect your suppliers, as well as your relationships with partners, investors, and other third parties invested in your business.
Financial Loss
Cyber attacks frequently result in significant financial loss as a result of corporate information breaches, financial information leakage (eg bank details or payment card details), theft of money, and disruption to trading (eg inability to conduct transactions online). Businesses will generally incur costs associated with repairing affected systems, networks, and devices when dealing with the breach.
Regulatory Fines & Legal Costs
Data protection and privacy laws require you to keep the data of your customers and employees securely. If this data is compromised accidentally or intentionally, and you fail to implement appropriate security measures, you may face fines and regulatory sanctions.
Operational Downtime
The smooth operation of services is the top priority for every organisation. A cyber attack can disrupt the operation of services and cause downtime which in turn, impacts your end-users, and reputation, and in some cases cause fines due to regulations.
Sensitive Data Leakage
The cost of a data breach in 2021 was US$ 4.24 million, according to an IBM report. Data leakage can lead to regulatory fines as per GDPR and other data protection acts. It can also cause severe reputation damage and can affect the future goals of an organisation
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