There were 978 million victims of cybercrime last year and these people lost a combined $172 billion, according to Norton. Those numbers alone should be enough to make businesses sit up and take notice.
It’s important, too, to stress that it isn’t just the large corporations that suffer at the hands of online criminals. About half of small businesses in America have been targeted, and the Australian government even discovered that a small contractor with links to national security projects had previously been compromised – an alarming company to be suffering from this sort of incident.
The cost of cybercrime can be crippling for a business. Indeed, the latter example raises the prospect of a financial impact that could be keenly felt both on Australian trading platforms and around the political top table too, having a ripple effect throughout a whole economy.
So, what happens when your business suffers at the hands of malicious hackers?
The short-term shock factor of a cyber attack
You shouldn’t lose sight of the fact that cybercrime can be as frightening as any other form of crime. Just because you aren’t under physical threat from someone with a weapon, it doesn’t mean that there isn’t going to be a period of panic.
It’s in this moment that businesses with a plan really feel the benefit. If you have a team of trained professionals and a clear plan in place, you’ll be able to spot a digital danger at the earliest opportunity and react.
It’s important to try to be calm and contact relevant experts where appropriate. This might be IT professionals who can understand what they’re dealing with (you may wish to pay for specialist support), as well as the authorities who need to be alerted to the fact that a crime has been committed.
Businesses (Read more...)
*** This is a Security Bloggers Network syndicated blog from The State of Security authored by Tripwire Guest Authors. Read the original post at: https://www.tripwire.com/state-of-security/risk-based-security-for-executives/connecting-security-to-the-business/financial-fallout-cyber-attack-business/