CYBER ATTACK CAN AFFECT OUR ECONOMY

There are many ways that cybercriminals can take advantage of networked computers and other devices to spread malicious software, disrupt computer systems, and steal data.

The impact and consequences of these online attacks can have real, and sometimes devastating, effects.

With the increasing number of security cameras and other hardware connecting to the internet or internal networks, physical security solutions can be potential targets for cyber threats.

That is why we focus on total security, also on what we call security to ensure that the physical security system itself does not introduce vulnerabilities into your network.

Motivations and methods behind cyber attacks

Cyber bullies can have many motivations, including curiosity, a desire to demonstrate their prowess by evading online security systems, or simply the desire to cause harm. But most of the time, money is the root of cyberattacks.

Spyware

Some attackers install malicious software called spyware on victims' computers to steal passwords or create copies of websites that look exactly the same as those used by banks or retailers to trick victims into providing their card information credit or bank account passwords.

Ransomware

Other attackers install other types of malicious software called ransomware to block access to essential information or the system unless the victim pays the attacker to restore access. According to Cybersecurity Ventures, the global cost for ransomware alone is predicted to reach $ 20 billion by 2021, a huge increase from $ 11 billion in 2019, and $ 5 billion in 2017.

The financial impact of cyberattacks

On the other hand, although the objective of the attack is not specifically to steal money or coerce someone to send money, there is still a financial cost to pay:

- Companies face legal, regulatory and technical expenses to recover from an attack.

- Businesses lose productivity when the software they depend on is not working due to malware.

- Organizations can see their operations disrupted and lose productivity because their network or websites are inoperable (for example, due to a distributed denial of service (DDoS) attack).

- Often times, victims must pay to have damaged services restored or replaced, or to fix codes on websites that have been compromised.

- Customers lose trust when their data is breached, increasing business volume. The average cost of business loss due to loss of trust in the IBM was $ 1.52 million, or about 40 percent of the total cost of a default.

How Small Businesses Can Be Affected by Cyber Threats?

You may think that your business is too small to be the target of a cyber-attack. However, the vast majority of cyber threats, such as the spread of malware due to phishing emails, are not targeted at a specific victim. Anyone can be affected.

Whether your company has 10 employees or 10,000, your systems can be compromised at any time by someone who inadvertently clicks on a malicious link.

The IBM report explains that while the average cost of cyberattacks in a small business is typically less than that faced by large companies, the financial impact for recovery is disproportionately more difficult:

- The average cost of a cyber-attack for organizations with more than 25,000 employees was reported to be $ 4.25 million.

The cost for midsize organizations, in the range of 5,001 to 10,000 employees, increased from an average of $ 4.41 million in 2019 to $ 4.72 million in 2020.

- The cost for the smallest organizations, with between 500 and 1,000 employees, was reported to be $ 2.53 million in 2020.

Smaller companies have proportionally higher average costs per employee than larger companies.

What is the impact of a data breach?

According to the study, the impact of the data breach can be felt years after the attack. Although the greatest impact is felt during the first year, organizations continue to face residual effects, such as employee turnover and loss of brand trust, for several years.

An average of 61% of the costs occurred in the first year, while 24% were accounted for in the following year and 15% two years or more after the incident.

In conclusion: what is the most important?

Cyber-attacks can cost your business time and money, damage your reputation and privacy, and affect your business years after the attack happened. Fortunately, there are things you can do to lower your risks.

We work very closely with our customers and partners to deliver solutions that provide the best protection today and in the future.