How will a cyber attack affect you? Do you have a plan in place if you experience a breach? If so, have you considered the potential duration of its effects?
Thankfully, the latest UK Breaches Survey (2022-23) revealed that most of charities and businesses managed to recover and resume normal operations within 24 hours. However, Security Intelligence reports that 60% of small and medium-sized businesses (SMBs) permanently shut down within six months of an attack, indicating a serious threat not to be underestimated. Moreover, substantial cost savings can be achieved by proactively assessing risks before they materialise.
But what if a risk assessment hasn’t been conducted beforehand? Consider the case of a local Shropshire client who experienced a breach, resulting in several days of disruption to their usual business operations—representing a significant financial impact despite no direct monetary loss. Potential consequences include:
- Ransom Payments
- Revenue loss due to downtime
- Costs associated with employee time and remediation
- Legal and audit fees
- Necessity to adjust pricing
- Damage to reputation
- Increased insurance premiums
To mitigate these risks, it’s crucial to conduct thorough risk assessments to fully understand potential vulnerabilities. Additionally, ensure that cybersecurity is represented at the executive level, either through a Chief Information Security Officer (CISO) or by outsourcing to a third party specialist such as CDP for the necessary expertise. Regularly question your IT provider about their current efforts and the reports they provide.
If you require assistance with any aspect of cyber security, please feel free to contact us at 01743 644404.