The consequences of a security breach

Secure My Data

Every organisation is currently under threat of security breaches. Unfortunately, many haven’t taken nearly enough security measures to prevent cybercriminals from doing harm. Cyber thieves are well aware of this fact and are taking advantage. When the security of your organisation is breached, there are always consequences. The only question is how severe these consequences are.

Financial loss

If a hacker bypasses your security measures and gains access to your data and systems, you’ll most likely lose (a lot of) money. In the case of ransomware, the criminal asks for payment in return for releasing the encrypted data. A hacker can also cause an extended period of downtime. This could shut the entire business down and you will lose revenue. Research from Kaspersky lab showed that enterprise organisations pay on average $551,000 to recover from a security breach, SMBs spend $38,000.

Loss of data and IP

If business-critical data is lost or impaired because of a security breach, this could also have major consequences. Not having access to it could shut down operations and getting it back can be costly and time-consuming, even if there is a backup available. Moreover, hackers gaining access to your intellectual property and being able to see your plans for new products, can be just as damaging to your business as data loss.

Ruined reputation

If your services stay down long enough, or the data that is leaked is serious enough, you’ll not only lose more revenue, but your reputation can be damaged as well. Since not everyone is keen on doing business with a company that doesn’t have security as a top priority, you could lose customers. Unfortunately, these things live on forever on the Internet, so a security breach can haunt your organisation for a very long time.

Damage to your customers

When personal data of your customers or clients is leaked, it could harm them as well, especially when this data contains financial information or social security numbers. Malevolent actors could use this data, for example to do some expensive purchases, such as airline tickets. Obviously, your customers and clients won’t applaud your organisation for this and could ask for damage compensation.

Endangering customers and employees

A security breach could also endanger people’s lives. Nowadays, many more things, such as cars, are connected to the Internet. If a hacker is able to control these cars, the outcome could be disastrous. Also, if criminals are able to hack into a system and find out where valuable goods are kept, for example a lorry that carries laptops, the criminals might go and find this lorry to steal the load. This could also endanger the lorry driver.

Would you like to know more about security breaches and what measures organisations are currently taking to prevent them from happening? Download the Midyear Cybersecurity Report for more information.



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