After Effects of a Data Breach
Cyber attackers usually attack consumer data-centric industries. The data exfoliated can be used to extort money from the company or be sold in the black market.
Most organizations have no idea how data breaches can cost so much, but when you join the dots the picture becomes clear.
Five Costs associated with a data breach is listed below.
Business Disruption:
Data breaches accounts for nearly 40 percent of the total costs considering the loss of employee productivity.
Loss of Customer
As a common mindset of customers is that they will not like to be associated with a company that has a recent or a history of data breaches.
Regulatory Fines
Fines can vary from the various compliance guidelines. As a result of these fines nearly 80% of the SMB’s close their businesses.
Legal Implications
Just not loss of customer’s legal implications follows with Data Breaches. Some companies have had to pay upwards of $10 million to settle and those costs don’t include charges paid to their legal teams.
Financial losses
Once attackers breach your network, they may be able to obtain access to your financial accounts to wire money to accounts they control. This can contribute to direct financial loss. Indirect financial losses are many and would also lead to bankruptcy as well.
