Can you imagine your life without technology?!!
Maybe your smartphone popped up in your mind now, and your answer is no, never.
As,digital technologies have become an integral part of people’s lives to the extent that they rely on them to function in their daily tasks. Technological development reflects on individuals and the business activities of the enterprises and business organizations as well.
Technology has advantages But has disadvantages as well, And we need to guard against such downsides. In some cases, the use of technology resulted in various risks and damage in the absence of the proper precautions.
Cyber risk is a matter for both individuals and organizations, an organization’s risk management needs the practical tools and techniques available to address this.
Cyber Risk Definition
So, let's introduce you to the meaning of Cyber Risk.
It is any risk of financial loss, disruption, or damage to an organization's reputation due to information technology systems failure.
It is the exposure to harm resulting from breaches of or attacks on information systems.
Cyber Risks Damage and Government Security
You may ask, do Cyber risks threaten the security of countries and governments?
Let's discuss it!
Governments nowadays seek to perform a digital transformation within their departments for modernism to keep pace with the development pace.
They become dependent on digital technology to facilitate employee work performance, as visual communication technologies for meetings, conferences, and even court hearings.
However,those networked systems and infrastructures are vulnerable and expose to hacker attacks and exploitation.
Some institutions face data breaches resulted in criminal activities, service disruption, and the destruction of their property.
Cyber attacks " cryptocurrency " on traditional financial institutions have resulted in the theft of billions of dollars.
These cyber attacks inflict damage to both the property and interests,
might be because of political crimes, fraud, cyber crime, intellectual property theft,spying, disruption of services, or destruction of assets and property,
resulted in a state of insecurity, so countries try to enhance their cyber security and awareness. Since all governments, businesses, and individuals face the same cyber risks and share the same level of responsibility in managing such risks.
Cyber attacks Consequences
Let's move to some of the Cyber attacks peril,
including but not limited to :
- Loss of confidential data or intellectual property
- Loss of customers because of a data breach or bad press
- Breach of contract
- Network security liability
- Fines for company negligence
- Extortion and blackmail
- Financial loss from theft
- Business interruption
- Product recalls
- Lower share value
- Property damage to computer systems
Furthermore, the accessibility and availability of cyber attacks tools have made the matter worse.
Since the means that threaten cyber security: malicious programs, tools, and illegal services are now available at affordable prices,making them accessible almost to anyone.
Cyber risk level may change depending on the measures we take to confront it.
The more awareness raised about the ways to address cyber risks, the less severe these cyber attacks will be, and the lower the exposure of individuals and institutions to those risks.
If you are suffering from any Cyber attack Damage: data loss,property, and assets destruction,
feel free to contact FTD Partners for a professional consultation.
