In this Help Net Security, Ashley Harrington, Director of Cybersecurity at Aspida, discusses the impact of cyberattack on business operations and financial health. Beyond immediate disruptions and financial burdens, cyber incident can severely damage a company’s reputation among customers and partners.
Can you describe cyberattacks’ immediate and long-term impacts on a business’s operations and financial health?
Cyberattacks can cause immediate disruptions for businesses, leading to financial hardships from halted operations and additional costs associated with investigation, response, mitigation, and recovery. Legal fees and crisis management costs may also accrue. Beyond these immediate expenses, long-term financial concerns may arise from regulatory and legal penalties, lost business, and challenges in acquiring new business.
Cyber incidents also impact operations as they pull valuable resources away from strategic initiatives, can limit the business from providing excellent customer service, and may compound an organization’s existing problems. Depending on the impact, some business operations may be down for weeks or months which can lead to further…
