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Cyber attack consequences (Financial (Business can suffer financially…
Cyber attack consequences
Financial
Business can suffer financially through loss of income or having to pay out compensation
60% of all small business that experience a data breach close within six months
Loss
Their are 3 main consequences from loss
Data
Can be lost and may not have been backed up. This depends on the timing of the attack and the back up schedual
There may be a time delay before the data is restrained, which may have and impact on how a business can interact with customers/suppliers
Reputation
The business may not be seen as trustworthy and it's reputation may decline
customers/ suppliers may not trust the business to safely protect their data, so they may move their custom to a different business
Financial
Approximately 29% of businesses that experience a data breach lose revenue, and 38% of those companies lost more than 20% of their revenue.
Disruption
Disruption can be operational, financial or commercial
Safety
Safety can include
equipment
Finance
Individuals
Reputation
Business reputation can be negatively effected
Data
Time delay in backups can result in data being lost