Simply put, cyber attacks can be extremely expensive for a business to recover from. Often the true cost of a security breach is underestimated; with it cutting much deeper than just a large pay-out. A data breach can have serious consequences for an organisation’s reputation, potentially leading to complications with existing clients whilst hindering the capture of new contracts.
In addition to this, with the introduction of GDPR, organisations operating in the EU are required to implement appropriate technical and organisational measures to protect personal data, regularly review controls, plus detect, investigate and report breaches. Failure to comply with security regulations can lead to heavy fines.