A cyber attack can cost your business a lot of money, and it’s probably a larger amount than you think. But even though the financial costs add up, there are other costs—like social capital—that can hurt your business even more.
In this article, we will discuss the true costs of a cyber attack (both financial and social), and how they can ultimately impact your bottom line. But companies like Fresh Managed IT can help keep you safe from these attacks, and we’ll explain how!
Different Types of Costly Cyber Attacks
There are many different types of cyber attacks that can cost your business a lot of money. It’s important to be aware of these threats and take steps to protect your business from them. Let’s review a few of them:
One of the most common forms of cyber attack, phishing is when a malicious actor poses as a legitimate entity in order to trick victims into providing sensitive information. This can often be done via email and can result in the theft of passwords, credit card numbers, and other sensitive data. Because email is used across organizations, it’s crucial that every employee understands how to combat phishing tactics.
Ransomware is a type of malware that encrypts a victim’s files and demands a ransom be paid in order to decrypt them. This can be a devastating attack for businesses, as it can result in the loss of important data or the inability to access critical systems. Even if your business decides to pay the ransom, there is no guarantee the hacker will uphold the bargain and return the data.
A DDoS (distributed denial of service) attack is when a cybercriminal attempts to overload a system with traffic in order to take it offline. This can be extremely costly for businesses, as it can result in downtime and lost revenue.
An SQL injection is a type of attack that allows an attacker to execute malicious code on a database. This tactic can be used to steal data or to delete important information.
How Much Does a Cyber Attack Cost Your Business?
The cost of a cyber attack can vary depending on the type of attack and the size of your business. For example, a small business may only lose a few hundred dollars in productivity, while a large enterprise could lose millions. The cyber attack cost also depends on how well prepared you are for an attack.
According to an article recently published in Business News Daily, smaller businesses can expect to pay upwards of $10,000 in professional services following a cyber attack. Not to mention, cyber attacks can cost businesses both $5,000 in lost business opportunities and $23,000 in downtime.
If you have average security measures in place, you may be able to mitigate some of the damage. However, if you do not have updated, effective cybersecurity, the cost could be much higher. In addition to the direct cost of an attack, there are also indirect costs that can impact your business. These include reputational damage, loss of customer trust, and lost productivity.
Other Ways Cyber Attacks Cost Your Business
Cyber attacks can also cost your business in other ways.
- If you suffer a data breach, you may be required to notify your customers and give them the option to cancel their service. This can lead to irreparable reputational damage.
- If your system is down for an extended period of time, you may lose customers who are unable to access your products or services.
- Cyber attacks can also cost you in terms of lost productivity. If your employees are unable to work because of a cyber attack, this can cost you a lot of money in lost wages and profits, not to mention a significant hit to company morale.
How Fresh Managed IT Can Keep You Safe
Fresh Managed IT can help keep you safe from cyber attacks. We offer a variety of services that help protect your business, including managed security, intrusion detection and prevention, and data backup and recovery. From cloud management to centralized monitoring of all devices and networks, we will keep a constant, watchful eye on your systems and data.
Fresh Managed IT also knows that your employees are your greatest asset against cybercriminals. We ensure your staff is adequately trained and prepared to face and overcome everyday online threats.
Contact us today to learn more about how we can help you protect your business from a cyber attack!