In 2009, the Sessions family thought they found a steal. A house they could make into a home for less than 200K. They had heard rumors about the house, about a large infestation that caused the previous owners to move. However, they honestly believed the last owners made it up to abandon their mortgage without repercussion. They quickly discovered they were very wrong.
One snake turned into several and they ended up trapping up to 43 snakes in one day! Come to find out they were everywhere, in the floors, the walls, the pipes, and the foundation was basically on slithering wheels. The absolute best part is this quote from the couple “We could hear them in the wall and then our water tasted how they smell.” No, just no.
It is never just one ant, one mouse, or even one snake. Once you have seen the scout, you know there are at least ten more waiting in the wings, ready to get working. Hopefully, you catch on early and a simple solution becomes all that is required. Often, we find hidden damage – chewed wires, hollowed boards, or bags of confections alive and wriggling. Annoyance becomes an understatement as you start the long-haul process of getting rid of those suckers.
Recovering from a cyberattack, especially a ransomware attack can be eerily similar. Your business is just not simply down for a few hours or days, but often takes months or years to achieve complete recovery.
So – what are these ‘hidden costs’ of a cyberattack?
Disruptive destruction
Being unprepared and under a cyberattack is almost always going to be a nightmare. You may understand that it will cost your business in both time and money, but have you looked at from all angles? Sure, the most obvious answers include personnel, repair, and temporary loss of revenue but you may also have to include the cost of diverting resources, integral processes, or building a temporary infrastructure.
This can be especially devasting to SMBs (small and medium businesses) in the manufacturing/production industry. The cost of shifting or halting production in any form quickly becomes astronomical.
Unintentional Target
Cyberattacks can happen to the most reputable, trustworthy, and goodly of businesses. No matter the standing in your industry or community, a cyberattack comes with a scarlet letter of its own. Even long-standing business partnerships may falter because other SMBs just simply do not want to take the risk. The same sentiment extends to relationships with customers or clients in the B2C sector.
Your company could then end up having to invest a lot more capital in advertising or retention that you were otherwise not willing to reallocate.
Forensic accountants are real, not just for TV
Another hidden cost includes the hiring of forensic accounting specialists or other advisors, especially if you plan to file a claim with a cybersecurity insurance provider.
Your insurance carrier isn’t going to rely on your word for amount of revenue loss, they are going to want proof. In order to provide that for them, most companies will have to hire a specialist to prove/provide evidence of loss. A professional trained in this specific arena can run you anywhere from $200 – $500 per hour according to Deloitte.
We’ve said it many times and we’ll say it again…
We cannot express to you enough how important it is to be prepared.
At Vodigy, we provide ourselves on providing exactly that and more. With us you’ll receive the most reliable security, a customized and personal approach, and most importantly – the peace of mind that your technology is safe and in the best of hands.
Don’t hesitate, give us a call to discuss your technological success today!
