How much does a cyberattack actually cost?
The cost of a cyberattack can vary significantly, depending on the severity of the attack. Odd Egil Byrkjedal, security advisor at Embriq, explains that there are different types of attacks with varying financial consequences.
– A virus attack on a single PC can be relatively easy to handle and may cost just a few thousand kroner to clean up. However, when it comes to encrypting viruses, where all or parts of the IT infrastructure become inaccessible, the costs can be significantly higher. In the most serious cases, we have seen losses amounting to hundreds of millions of kroner, he says.
Odd Egil goes on to describe what happens when a business is hit by a large-scale cryptographic attack.
– It can take anywhere from one month to nine months to rebuild the services. If there is no backup, it may be impossible to restore the data. In the worst cases, the company goes bankrupt, he explains.
And it is not just the technical costs that are dramatic. He also explains that a halt in production, whether in your IT or OT system, can last for several weeks, and the reputational damage will be enormous.
– For a manufacturing company, it could mean that production stops for anywhere from days to weeks. In most cases, this will lead to short-term financial losses. In the long term, customers may choose to switch suppliers if they lose trust in your company, he says.
Despite this, not all companies view cybersecurity as a top priority.
– One of the biggest misconceptions I encounter is that small companies think they are not interesting to hackers. But small companies are also attractive targets because they often have weaker security measures, explains Odd Egil.
What kind of approach should financial officers take regarding cybersecurity?
When evaluating a security budget, it is important to conduct a thorough risk assessment that includes both IT and OT security.
– Many people might think the risk is low, but when you weigh the cost of securing yourself against attacks against the consequences of a successful attack, it is clear that investments in cybersecurity are minimal compared to the huge cost of a breach, emphasises Odd Egil.
What should your business do to strengthen its digital security?
So, what should you do to strengthen your company’s security? Odd Egil emphasises the importance of a thorough gap analysis.
– The first thing a business should do is review security across all its systems and equipment. This is where a gap analysis will reveal security vulnerabilities that need to be addressed, he emphasises.
Odd Egil Byrkjedal, Sales Executive, Embriq
He adds that Embriq offers a comprehensive approach to cybersecurity, which includes both IT and OT security, covering the protection of production systems and operational technologies that are critical to business operations.
Embriq is a company that provides comprehensive IT services 24/7 to critical infrastructure enterprises, and we take full responsibility for security. We work closely with our clients to identify gaps in their systems and ensure that the systems are operational at all times. Embriq assists with recovery after cyberattacks and has backup solutions in place to ensure that businesses can quickly get back on their feet.
– We provide our clients with follow-up services in all areas and assess the entire security landscape. This includes risk assessment, gap analysis and implementation of infrastructure changes, says Odd Egil.
Embriq takes responsibility for both your IT and OT security and helps you tailor security measures to your specific needs.
– We maintain close communication to understand what is important to you and begin by securing the most critical parts of your business. This provides both peace of mind and a more efficient security strategy, concludes Odd Egil.
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