The True Cost of Cyberattacks: A Wake-Up Call for Businesses

Cyberattacks are no longer just a threat on the horizon—they are a pressing reality for businesses across all industries. The latest report from Claroty Cybersecurity paints a concerning picture: nearly 45% of cybersecurity professionals report that cyberattacks have caused financial losses exceeding $500,000 in just the last 12 months. What’s more alarming? 27% of those surveyed have felt the sting of $1 million or more in damages.

In this post, we’ll dive into the specific factors contributing to these staggering costs and explore how Novatech’s Managed Security Services can protect your business from the financial fallout of cybercrime.

 

The Top 3 Factors Driving Breach Costs

When it comes to calculating the true cost of a breach, it’s not just about paying for recovery. Cybersecurity professionals identified the following as the most significant contributors:

 

1. Lost Revenue and Customer Trust – 39%

For many businesses, the immediate aftermath of a cyberattack is not only about technical recovery but also reputational damage. A lack of trust leads customers to go elsewhere, with 39% of cybersecurity professionals reporting that lost revenue and profit were the top financial impact.

 

2. Cost of Recovery – 35%

Restoring systems and recovering from a breach isn’t cheap. From paying for external consultants to managing technical infrastructure, 35% of respondents cited recovery costs as a major factor in the overall financial impact of a breach.

 

3. Employee Overtime – 33%

After a cyberattack, employees are often required to work overtime to stabilize operations. 33% of professionals surveyed said overtime costs contribute significantly to breach costs, adding additional strain on both finances and human resources.

The Ransomware Reality

One of the most shocking revelations from the Claroty Cybersecurity report is the number of companies that are meeting hacker ransom demands. Over half of the cybersecurity professionals surveyed—53%—admitted to paying ransoms exceeding $500,000.

The healthcare sector, in particular, is feeling the squeeze. A staggering 78% of professionals in this vertical reported paying more than $500,000 in ransom, highlighting the vulnerability of sensitive patient data and the immense pressure to recover it quickly.

 

How Novatech Protects Your Business from Financial Loss

The financial impact of a cyberattack can be devastating, but it doesn’t have to be. Novatech’s Managed Security Services are designed to safeguard your business with advanced, multi-layered protection that goes beyond traditional IT solutions.

 

Comprehensive Cybersecurity Solutions

Our Fortress Security solution offers 11 layers of security, including Managed Detection and Response (MDR), Privileged Access Management (PAM), and Dark Web Monitoring. With proactive threat monitoring and real-time alerts, we ensure that potential vulnerabilities are detected and addressed before they become costly breaches.

 

24/7/365 Monitoring and Support

Novatech’s team of certified engineers provides around-the-clock monitoring to ensure that your systems are protected at all times. In the event of an attack, our experts can rapidly respond to minimize downtime and reduce the financial impact of recovery.

 

Strategic Technology Reviews (STR)

We stay ahead of potential threats with regular Strategic Technology Reviews, allowing us to assess your technology environment and adjust your security posture based on emerging threats. This proactive approach ensures that your business is always prepared for whatever the future holds.

 

Ready to Safeguard Your Business?

With cyberattacks becoming increasingly frequent and costly, now is the time to invest in comprehensive security solutions. Don’t let a breach cripple your business—partner with Novatech and protect your company from the growing financial impact of cybercrime.

 

Contact Novatech Today

Ready to secure your business and minimize financial risk? Contact Novatech today to schedule a Strategic Technology Review and discover how our Managed Security Services can provide the protection you need.