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Gartner analysts have predicted cyber-physical security incidents will rapidly increase in the coming years due to a lack of security focus and spending aligned to cyber-physical systems instead. Its analysis predicts 75% of CEOs will be personally liable for cyber-physical security (CPS) incidents by 2024 and a financial impact that will reach over US$50 billion by 2023.
Losing your data to a cyberattack brings about many issues. A data breach has the potential to ruin any business. Nearly 60% of companies affected by a data breach are likely to go out of business due to reputational damage. Your customers, partners, and vendors suddenly will no longer be so trusting.
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Ways a cyber breach can ruin your business
Damage to Your Brand’s Name
The most painful reputational cost of a data breach is to see your brand take a nosedive in the public eye. Few companies can overcome the hit, most needing to rebrand or call it quits. According to a Forbes Insight Report, 46% of organizations suffered reputational damage due to a data breach. Large corporations have a better chance to withstand the blow, but it seems to depend on how they handle the incident.
The cost of a data breach includes the diminished trust of your clients, partners, employees, and vendors—both present and future. None of them will see your business in the same light after a data breach. Many of them will choose to take their business elsewhere.
Data Loss Prevention quickly becomes a priority when considering how many customers you lose after a data breach. Many companies fail to recover their target audience after such an incident. In fact, 81% of consumers stop engaging with a brand altogether.
Intellectual Property Loss
The highest data breach cost is having your trade secrets exposed to the world, especially your competitors. A data leak can oust all the specs of your products and people in the same industry can exploit the situation. The cost of getting your business back up and running can go beyond a simple redesign.
Increased Insurance Premium
Data leak prevention plans keep insurance costs low for your company. The average cost of a data breach may include premium increases that may be financially difficult to cover. Even changing insurance companies can prove difficult if you have already gone public with a data leak.
Paying Government Fines
When assessing the cost of a data breach, regulators are likely to come knocking on your door. Be transparent. If you’re not truthful from the beginning, you’ll risk any chance of reputational redemption in the future. You may also be liable to pay regulatory and non-compliance fines. Do it with grace and humility. You don’t want to be perceived as anything other than truthful, humble, and apologetic at this stage.
Covering your back can legally improve your chances of salvaging the reputational cost of a data breach. The price can be hefty, but your brand can overcome the setback if you can afford it. Make sure your legal team is up to speed on data breaches and their legal implications, as well as any remedies at your disposal.
Controlling the Stock Price for Public Companies
If you run a public company, the narrative you build around any operational incident affects its performance in public. The reputational cost of a data breach can be impactful to the point of dipping your stock to meager points.
Dealing with Disruption of Operations
Downtime can cost a company hundreds or even thousands of dollars. Every minute you stay offline, you lose money, and your brand looks increasingly vulnerable in the public eye. That’s why a solid DLP strategy, including backups, is so important.
Hiring Cybersecurity Firms to Investigate the Breach
Small companies often rely on third parties to handle their IT infrastructure. If you own a larger company, you probably have an in-house IT department.
Either way, it’s best to hire an independent cybersecurity firm to review your IT infrastructure and understand how the breach occurred. You will be in a better position to salvage your business reputation when you are armed with the facts.
It is more about managing risk than preventing every possible attack. An inability to quickly detect, respond, and recover from a cyberattack can have both short- and long-term implications for your organization.
IT Operations Recovery
We identify what is lost and the extent of the damage. This is the first step because the data/information stolen will directly determine your next step. We form a task force to manage the recovery process. Work with or provide the IT team to collate all the facts that will help formulate an effective plan. Ensure that you document - when it happened, how will it affect customers and suppliers, what assets were impacted, who are the victims and the type of attack.
Validate the integrity of your remaining data and deploy backups where available. Conduct a complete backup of your data on each computer and mobile device hourly, daily, or weekly depending on your business needs. Evaluate how much information is changed or the impact of losing the information in a loss event.
We contain the Cybersecurity Breach. While you may be tempted to delete everything after a data breach occurs, preserving evidence is critical to assessing how the breach happened and who was responsible. The first step you should take after a data breach is to determine which technologies have been compromised and contain them as quickly as possible to ensure that other components and devices are not also infected.
Whether you are part of a broader attack or the sole victim, you will also need to determine the cause of the breach within your specific facility so you can work to help prevent the same type of attack from happening again.
Maintain Business Reputation
Attacks threaten the integrity of your company's information and sensitive data and challenges the ability of organizations to protect the details of their customers and employees. We provide quick and effective damage management.
Deploy an immediate response
Report cyber crimes to show quick action taken
Send breach alerts to customers
Keep all communication lines open
We educate your staff about data breach protocols
Partner with the media