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Impact of Security Breaches (Financial Loss (This may come: (Directly by…
Impact of Security Breaches
Financial Loss
One of the biggest concerns for businesses from
cyber attacks is financial loss.
This may come:
Directly by customers or employees stealing
Indirectly by malware damaging files or wasting time fixing it
The ILOVEYOU worm caused $15 billion of damage
worldwide
MyDoom was a Distributed Denial of Service attack
and spam botnet which caused $38 billion of
damage worldwide
Damage to Public Image
When personal data is stolen or a company’s
systems fail or are compromised, people lose trust in
the company
This can lead to a big reduction in profit for
the company
In 2005, Sony placed software on their audio CDs
which auto-installed software without permission
The software installed a rootkit to computers
This created security vulnerabilities on the computers
Naturally users were very upset when they found out
Reduction in Productivity
Cyber attacks and incidents require time to:
remove malware
repair any damage
retrieve backups
investigate the problem
patch any security holes
All this time reduces the
company’s productivity
Legal Action
Data Protection Act (2018) – This act:
Requires greater consent to
process or store personal data
Notify people of breaches of
their data
Prevents unnecessary processing or
storing of data
Computer Misuse Act (1990) – This act prevents:
Creation of malware including viruses
Gaining unauthorised access to a computer
Modifying or deleting computer software or data
Data Loss
Data can be lost by many methods such as
accidental deletion
Data loss can be incredibly costly to a business