The ‘slow-burn’ cost of a cyber attack

Businesses have been warned that they may be hit for damages in multiple ways after being affected by a cyber-attack. A new report by Lloyd’s of London says there are two different costs linked to a cyber-attack: a one-off cost, and a “slow-burn” effect. The one-off cost is the visible one — notifying customers, paying ransom, paying for public relation expenses, things like that. But there is also the “slow-burn,” which can sometimes even be more expensive than the one-off price, and that includes things like loss of customers, fall in share price, or reputation damages. “There is a lack of understanding as… [Continue Reading]
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