Most immediately, you lose out on whatever revenue your website generates the entire time it’s compromised. The most dangerous cyber-terrorism attacks are those that affect national infrastructure or business systems. It is extremely important to manage the risks accordingly. Loss of Productivity. In particular, traditional approaches to calculating impacts of cyber incidents have focused largely on the direct costs associated with the theft of personal information. A number of cyber-attacks in recent years have focused on obtaining personal details of customers and, where possible, defrauding them by pretending to be a familiar company. The impact of a security breach can be broadly divided into three categories: financial, reputational and legal. It can stop customers from reaching your online checkout, browsing/purchasing your merchandise, or from accessing your site altogether. As businesses of all sizes know, building a great reputation and earning customer trust takes years of hard work. CEOs need to be driving a cyber security strategy that can adapt and take into consideration the function of the whole business to prevent the agonising aftermath of an attack. 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You must have JavaScript enabled to use this form. The threat of data breaches continues to increase, with the number of U.S. cybersecurity incidents tracked in 2017 hitting a new record high of 1,579% – a 48% increase over 2016. 89% of leaders at large companies (250+ people) admitted to experiencing emotions associated with depression and anxiety following their attack. December 2019. With this dramatic increase in targeted attacks, cyber risk needs to be understood as a collective responsibility and not solely as an issue for IT teams as it has been perceived to be in the past. With retailers having more and more of a dependence on digitisation - from the ‘customer journey’ to ‘supply chains’ - the impacts of an attack on one element of the business could have detrimental ripple effects across all functions. There is the direct economic cost … The financial impact of a cyber-attack. The loss of confidence can cause large drops in sales for businesses hit by cyber attacks. 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