Cybercrime is an ever-growing problem for businesses in today’s market. It seems as fast as programs develop new ways to fight it, the faster criminals find ways around them. A cyber attack cost analysis can show you a dollar amount, but what about all of the hidden costs.
Once your system is attacked, you will have to reevaluate your cybersecurity. You may also have to take some time to make sure your system is secure. This means that you will lose important opportunities with prospective clients.
Lost Customers and Client Base
Existing customers will feel as if they are unprotected and may not be willing to do business with you anymore. Your client base could dwindle because of this. Your existing customers might not be willing to recommend you anymore.
Insurance Premium Increases
Suppose you are lucky enough to have insurance against cyber attacks. In that case, your insurance premiums will probably increase depending on the money the insurance company uses to pay the overall cyber attack cost.
Devaluation of Name and Reputation
When news of an attack gets out, your business’s reputation will be hurt. Many new customers may hesitate to use your services.
The cost of a cyber attack cannot only be measured as a dollar amount. These hidden costs need to be factored into the overall damage assessment.