Organizations spend billions on software and services related to migrations, upgrades, and new technology deployments. Each year a chunk of the spending is focused on mitigating risks associated with security breaches, hacks, and other threats that can disrupt the flow of business.
Among the cost of such threats, it can be difficult to place a value on security breaches and data privacy intercepts. Each organization needs to determine their risk tolerance as well as the impact (opportunity lost and cost) related to a business disruption from a bad actor or insider threat.
Recently the Clorox Company announced the ramification of a cyberattack that took place in August amid a $500 million digital overhaul, causing product shortages for several of its brands. As a result of the incident Clorox is expected to report a quarterly sales drop of at least 23%. That is a lot of cleaning products!
In addition to lost sales, Clorox has spent $25 million to respond to the suspected ransomware attack which includes hiring legal, technology, and forensic specialists, according to The Wall Street Journal.
Disruptions have a cost. From lost sales to bad PR to the time spent and millions burned on cleaning up the mess. They also come from external threats or insiders, known and unknown. From hackers to eavesdroppers, the weakest link is always exploited. As you invest in technology projects be sure to calculate the risks and vet solutions that help ensure the flow of business. Continuously explore potential vulnerabilities, fix any gaps, and regularly communicate security procedures to mitigate risk.
