What is cyber risk and how do you keep yourself safe?
Cyber risk refers to your business’s susceptibility to data breaches or hacks that could damage your reputation, credibility and trust – and shatter your privacy policies.
The damages of cyber attacks are both first and third party, and include business interruption and regulatory consequences. Whether it’s medical records, credit card data, or sensitive information about employees, customers or suppliers, the costs involved with recovering from such attacks can be enough to send a business into shutdown.
The cost of a cyber attack – whatever the size of your business – can be devastating.
Here are some things you’ll need to consider:
Recovering brand reputation
Claims against the business surrounding data exposure
Cost of notifying and reimbursing affected parties
Repair or rebuild of databases
Recovery of information
Adjustment to systems to prevent future attacks
Cyber extortion (ransom claims)
Forensic investigations to explore extent of breaches