Hidden Costs of Cybersecurity Threats

If you’ve been ignoring the cybersecurity at your business, then you better be prepared for these cybersecurity hidden costs. Cyber threats to businesses are on the rise, especially attacks against operational technology (OT) infrastructure. Whether you operate a machine shop or a logistics warehouse, prepare to deal with these cybersecurity hidden costs should an attack occur at your business.  

Cost of Your Clean-Up Crew

Cyber attacks occur online, but that doesn’t mean they don’t leave a mess behind. Your office may not have been ransacked and your machines may not have been vandalized, but there is plenty of damage to clean up after a cyber attack. From the time you initiate your disaster response to the final repair of your systems, your company will be responsible for the costs of getting your business back up and running. Depending on the size of the attack, repairs can take days or weeks and costs hundreds of thousands of dollars. The average OT cyber attack costs $347,603. Is your business prepared to cover that expense?

Cost of Asset Replacement

Sometimes, cyber attacks on a business require software or hardware replacement. Other times, a cyber attack erases or steals intellectual property that’s essential to your business operations. In either case, it can be costly to replace what’s lost. While the costs to replace software and hardware is fairly straightforward, even if expensive, the cost of lost intellectual property can be difficult to quantify. How much would it cost you if you had to remake your secret sauce from scratch? What would the costs be of losing your clients’ intellectual property in a cyber attack?

Cost of Downtime

Often, cyber attacks cause interruptions in a business’s productivity. This can include lost office staff productivity if an attack focuses on those systems, or a complete shut down of your shop floor if the attack targets your OT infrastructure. Wherever the attack occurs, your business will accrue downtime. Are you ready to pay the cost of lost time and schedule delays? How will those delays affect your customers? Cyber attacks come with lots of hidden costs that could devastate a business. If you’ve been ignoring the cyber threats facing your business, it’s time to contact Jurrens & Associates. Our expert team can help you design a cybersecurity defense to reduce or eliminate the hidden costs of cyber attacks.