Evangelists give many costs to not taking security seriously – the risk of losing data, the risk of losing business reputation, and even the risk of being eliminated from the race altogether!!
A recent survey puts the cost of a global cyber-attack as far reaching as $121.4 billion in an extreme event. This is roughly the same as losses caused by Hurricane Katrina in 2005. But there are worse ways this kind of an attack can hurt an organization. Here are a few:
Let us assume your organization has faced a cyber-attack, but the attackers were not quite successful in getting away with much. Nevertheless, the cost will fall on your brand. In many ways, the losses will come back to bite the company – loss of confidential data, loss of customer data, stealing of financial details- bank data – cards details, account numbers, contacts and financial figures that are leaked out of the company- all could be potential hazards to its wellbeing. So even if the robbery isn’t about hard cash, the losses could be far reaching and really significant!
An attack can, secondly, leave all processes disabled for a while, at least till they are back in health. The physical as well as mental strain can last for days, disrupting business. Especially if there is a media leak, your company can face severe market repercussions. Which brings us to data leak about customers. In many cases, there have been legal impacts as well.
The security team of the company is under huge stress, trying to do damage control, get the threads back together and follow the policy and procedures for reportage. In many cases, this is the biggest time of vulnerability as well. There are times when following a cyber-attack, chaos breaks out, making the situation worse, if there is no proper procedure to be done. Repair costs can be massive because they include investigation, recovery, patching loopholes, setting a new process and ensuring compliance.
And finally, the residue of an attack can be deadly too- a single computer left infected can trigger as much as, if not more threats.
This is, then the point to ponder should you save on security solutions, and be vulnerable to much greater business losses through a cyber-attack to an unprotected organization? Or make a stitch in time??