Surely, cybersecurity costs money but do you have any idea how much a cyber attack costs? In other words, poor cybersecurity will end up costing you much more than what ethical hacking will ever cost you. If you have no idea (or the wrong idea) about exactly how financially lethal a cyber incident can be, then read on and make an estimate of how much you will lose, if a cyberattack ever happens to befall you.
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Loss of money
Most of the Cyber Security Expert are financially motivated, which means any cyber attack can and will drain out your fortune. Ransom amounts, amount of retrieving lost information, loss of direct revenue (in case of cyber theft), damaged infrastructure, and many other financial consequences will pile up as soon as a cyber attack hits you. Many companies are never able to recover from a ransomware attack and you could easily be one of them if you make all the textbook mistakes.
Loss of customer relationships
Suffering from cyber attacks like data breaches come at their own stinging cost. Data breaches affect your customers directly and push the organisation to lose their hard-acquired customers. Every customer has a ‘value’ attached to them and it is this value that is lost when a customer bids you farewell. Not to mention that a data breach stains your company name and it becomes more expensive than before for a company to build these relationships again and acquire new customers or retain current ones.
Loss of worker hours or operation hours
During a cyber attack, especially a ransomware attack, important data gets encrypted and becomes inaccessible to the victim organisation. Additionally, during any cyber attacks, first responder measures require you to halt operations and take servers offline so that the attack can be stopped from spreading. All these halted hours of operation lead to a significant loss of working and operational hours. To avoid it, use DNS Content Filtering.
Loss of share value, trade name and goodwill
A company’s share value takes an instant dip as soon as the word of it suffering a cyber attack gets out. Media has the tendency to quickly become the enemy of the victim. You won’t even know when one thing leads to another and the nightmare starts unfolding. Your value and hard-earned goodwill as a company will start decreasing, especially if you don’t have a strong PR team. Shareholders will panic and people will start disinvesting in your company.
After a cyber incident, purchasing data insurance or cyber insurance policies becomes more expensive. Potential trade deals stand the risk of falling through. Trade secrets, intellectual property, confidential information or anything that gives your company a competitive advantage is lost and runs you a strong risk of losing future revenues. Legal cost, regulatory fines, public relations cost, ransom amount, post-attack cleanup expense, basically everything will cost you your hard-earned fortune. Not to mention that after the crime, the crime investigation will also cost you money, unless you are trained in the CHFI course or any forensic investigation yourself.
It is not even needful to mention the psychological costs of a cyber attack. An environment of fear, depression, panic and low morale will haunt your workplace and disrupt regular business operations. If you still think that it costs a lot to hire a professional with CEH online course or certified ethical hacker certification and that it’s not necessary to hire network security analysts, then wait till your poor cybersecurity posture invites a real hacker with password cracking and social engineering skills. That will definitely show you what’s cheaper!
Check out 5th kind to see what solutions are best to keep your business safe and secure.