Year on year frighteningly there has been an increase of cyber security breaches being reported. In 2021 four in ten businesses reported a cyber security breach in the UK with the potential loss in profits being in the millions. But what are all the potential consequences to a cyber-attack?
Devastating Reputation damage
Damage to your business’s reputation could transform the trust in your brand negatively. Which in turn could lead to fewer customers and lower profits or even business failure entirely. While many large companies have been able to absorb the cost of an attack in the past the effect of the loss in customers is still felt. In a recent study 43% of businesses who have endured a cyber attack have noticed a “negative customer experience and reputation loss”
Theft of valuable assets
Direct monetary theft to the company isn’t always the most profitable avenue for cyber attackers. Often data theft is the cyber attacker’s main target. With specific types of data being sold for potentially $120,000 there is money to made for cyber criminals on the dark web.
Direct Financial Loss to your business’s profits
Direct financial loss can cause a sizable impact on your business finances and is only getting more expensive for businesses – specifically small businesses are bearing the brunt of these attacks. In 2021 we saw the highest average cost of financial loss as a result of cyber-attacks for 17 years.
And if the potential cyber-attack consequences of: theft of data, reputation damage and direct financial loss wasn’t enough your business could face fines of up to 20 million euros.
At Tecnica we can provide your business with a secure and cost-effective solution that is customized to your businesses needs. For more information on how to protect your business from cyber-attacks visit: IT Security – Scotland, Fife, Edinburgh, Glasgow, Aberdeen, Perth (tecnica-ltd.co.uk) and start your digital transformation.