Impacts of cybercrime
Financial losses can reach millions of dollars in cyber incidents, with recurring costs. Organizations are more concerned about what information customers provide them with as awareness of cybercrime increases. As a result of failing to protect your customers’ data, you can lose their trust, and the reputation you enjoy can suffer a great deal of damage. Therefore, investors are at risk of further revenue losses.
As a result of sophisticated cybercrimes, including ransomware and DoS attacks, cybercrime can potentially cause substantial damage to organizations. When ransom attacks occur, not only are business operations halted but they are also expensive, requiring hefty ransom payments at the end of the day.
From this point of view, the recent attack on the Colonial Pipeline in the US can be interpreted as a stark example of this situation. The fuel distribution network was shut down immediately after the attack and people expected gasoline shortages...