Cyberattacks are no longer rare incidents targeting only large corporations. While many companies understand the risks of a data breach or ransomware attack, the true cost of such incidents often goes far beyond the immediate damage.
Direct Financial Losses
When thinking of the cost of a cyberattack, most people focus on the immediate financial impact, but businesses may also suffer from:
- Theft of intellectual property
- Loss of revenue due to operational downtime
To calculate your potential loss due to downtime, contact us to do an assessment. We’ll be able to give you a number that represents how much you would lose in a cyberattack.
Reputational Damage
Trust is a key factor in business relationships. After a data breach, customers may lose confidence in your ability to keep their information safe. The damage to your reputation can result in:
- Loss of business
- Negative publicity
Regulatory and Compliance Fines
Data protection regulations, like GDPR or CCPA, mandate strict security measures for companies that handle personal data. Failing to protect this data can result in steep penalties. Businesses can face hefty fines if they don’t meet compliance standards after a cyberattack.
Legal Costs
Cyberattacks often result in lawsuits from affected customers, partners, or employees whose data has been compromised. The legal fees, settlements, and ongoing litigation costs can quickly escalate, adding to the financial burden.
Conclusion
Cyber attacks can drain your business not only financially but also in terms of reputation, operational efficiency, and customer trust. By partnering with an MSP, you can proactively defend your business, mitigate the hidden costs of cyber attacks, and ensure your business is protected.
