How much can a cyberattack harm your organization?

The threat of cyberattacks is real and of great concern to organizations worldwide. As new threats continue to emerge and hackers use new methods, companies are at risk of cyberattacks from internal and external devices, including products, operations, cloud and networks. The business impact of a cybersecurity breach can be devastating and costly.

In today’s ever-changing threat landscape, most companies rely on cloud-based technology, Internet of Things (IoT), and shared devices to accelerate with rapid digital transformation and new technology. Many have failed to prepare and protect themselves against the consequences of high-tech hazards and exposure to cybersecurity risks.

Cybercrime not only disrupts business through unauthorized access to information, but attempts to disrupt critical organizations can lead to downtime, reputational damage and financial loss.

Highlights Affecting the Average Cost of a Cyber ​​Attack

The average cost of cyber attacks and digital crime can cost organizations up to $10.5 trillion annually for 2025, more than the average cost of a record breach of US$9.05 million. Of course, $10.5 trillion is enough to set any organization’s digital transformation goals.

Additionally, a recent report revealed that the average cost of a data breach in the United States will be $9.44 million by 2022, while the global average cost per crime will be $4.35 million.

In addition, companies have to deal with the additional hidden costs of cyber attacks as well as post-attack effects such as loss of personal property, customer service and repair procedures, administrative and compliance penalties, and loss of customer business:

(1) Customer Breach Alert:

In today’s increasingly cyber incidents, breach planning is essential. With proactive planning and customer response, organizations can reduce the impact of a data breach by quickly notifying all affected customers without delay. Not being able to respond means businesses are unprepared for a cyberattack and put customers at risk of having their data stolen.

(2) Post-breach Customer Protection:

Investing in a business with the capability and protection designed for 24/7 problem and crisis support helps businesses resolve issues immediately after a crime, while reducing internal and external interventions. After crime after crime, a team of self-defense counselors come to the rescue.

It provides fraud alerts, web tracking darkness, self-defense and remediation support, minimizing operational efficiency, reputation and financial damage without delay.

(3) Compliance Management (Costs):

Companies that do not build defenses against cybercrime are often caught in a vicious circle of non-compliance. Weak cyber risk management means more regulation and punishment in the form of fines, police reports or investigations by data controllers.

(4) PR/Crisis Communication:

Many companies with poor infrastructure for cyber attack resilience are unable to solve problems where malware, hacking, ransomware, phishing, insider threats, and DDoS (distributed denial-of-service) attacks are the culprits. Therefore, they face significant losses related to reputation, financial products and business continuity. IT crisis management, disaster preparedness and cyberattack communications are more important than ever to deal with today’s data chaos and changing information landscape before misinformation begins to spread.

(5) Vulnerability:

More and more connected businesses are exposed to new vulnerabilities and risk downtime from cyberattacks. Ransomware attacks and data breaches can wreak havoc on your operations, so investing heavily in IT and OT protection tools is essential. To protect your business from the severe consequences of operational disruptions, you must measure and evaluate all your assets, manage third-party risks, and identify better cyber risk awareness.

(6) Loss of Intellectual Property (IP):

In today’s interconnected digital environment, your organization is vulnerable to external Trojans, cross-site scripting (XSS) attacks, denial of service (DoS), distributed denial of service (DDoS), DNS tunneling, malicious malware, phishing scams, ransomware, Structured Query Language (SQL) injection, and zero-day attacks. All these cyber attacks exploit unknown hardware and software vulnerabilities in your IT infrastructure and gain access to all your computers, computer networks, IT infrastructure and IT systems.

(7) Devaluation of business names:

The biggest damage to the organization during a cyber attack is the damage to the name. Brand name depreciation includes the loss of value of a brand name, trademark, trade secret, patent, design, copyright or mark. This incredible loss is very difficult to recover because the business often loses the trust of its customers and stakeholders after the investment. The strategic framework for avoiding such disasters begins with a cyber risk assessment and assessment of cybersecurity and data breach planning capabilities.

As the industry accelerates the delivery of 5G, cloud infrastructure and IoT services as part of its digital transformation, businesses cannot escape the impact of the above. But investing in cybersecurity can be an important step towards preventing cybersecurity disruptions and long-term business disruptions. A good network security system using passwordless authentication, multi-factor authentication, and end-to-end detection and response (EDR) can make a big difference when the business is hacked.

Be vigilant towards a catastrophic cyberattack with Pure Technology

Building cyber security systems is the most important way to be strong. It enables organizations to strengthen their security through threats, continuous security analysis and early detection systems to prevent, detect and report flaws in their history.

As the cyber threat landscape continues to expand, organizations must understand that time is money. Shorter data breach lifecycle means minimal downtime and reduced data breach costs. Organizations need to increase their cyber budgets to be prepared and tighten their control over the cyber resilience quotient to cope with the changing cybersecurity threat landscape. At Pure Technology, we help businesses embrace the Bring Your Own Device (BYOD) concept as a zero-sum security model and strengthen their cybersecurity posture by protecting all business-critical information and systems from malicious crime

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