Cyberattack Impacts, Deeper and Less Visible Than You Suspect

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Cyberattack Impacts, Deeper and Less Visible Than You Suspect

Cybersecurity is one of the most debated issues in any organization. Although the need to immunize your company from all kinds of cyberattacks remains urgent, the full impact of a cyber incident is still largely unproven.

Recently I read an article by Deloitte which talked about how difficult it is for executives to gauge the impact of cyberattacks on their companies because they aren’t really aware of the work and effort that’s put into making a company cyber secure, or of the consequences of not doing so until it’s too late.

The DNC hack was the biggest election hack in the US history. Every other day WikiLeaks is busy making public the “private” conversations that took place within the DNC networks. These private conversations spread like wildfire on social media. Cyberattacks such as the one against the DNC are not uncommon. Every day, there is another breach, just look at the Yahoo data breach, Anthem medical records breach, WannaCry ransomeware, and so on.

Emails are used for corporate communications, including classified communications, every day. Sadly, even after all these widely public incidents and demonstrated lessons, a lot of companies still shy away from using encryption. The reasons range from the complexity of the software to overconfidence in the minimal probability of a cyberattack against them. But guess what? No one is secure. No matter how big or how small a company is.

The costs and impacts of a data breach and cyberattacks include:

  • Notification costs: All necessary activities required to report the breach to appropriate personnel within a specified period.
  • Breach response costs: All activities required to notify data subjects with a letter, telephone call, email or general notice that personal information was lost or stolen.
  • The cost of providing credit-monitoring services for at least a year.
  • Reputational damage.
  • Loss of business.
  • Negative publicity: Extensive media coverage, further damaging the organization’s reputation.
  • Attorney fees and litigation.
  • Increase in insurance premiums.
  • Loss of intellectual property (IP).

It’s in your hands to protect your company’s data privacy. And the time to act is now.

If you would like to find out more about the most significant cybersecurity risks and sure ways encryption can mitigate them, the additional content listed below may be of interest.

By Will Nathan, Echoworx