Seven hidden costs of a cyberattack
CFO Insights
In this issue of CFO Insights, we focus on seven costs that are not so apparent and why it is important to include them in calculating the total cost of a cyberattack.
There are many ways a cyberattack can affect—and cost—an organization, and the impacts will vary depending on the nature and severity of the event.
Common perceptions, however, are mostly shaped by what companies are required to report publicly—primarily theft of personally identifiable information (PII), payment data, and personal health information (PHI). Discussions tend to focus on costs related to customer notification, credit monitoring, and the possibility of legal judgments or regulatory penalties. And thanks to important work done in this area, the industry is generally converging on the calculation of a “cost per record” for consumer data breaches.
