Cyberattacks and Ransomware a threat to the stability of companies
Cybersecurity deficiencies can lead to direct financial loss, administrative fines, and damage to corporate credibility. Unfortunately, most security teams often struggle to know what to look for when reviewing the security posture of an investment object. Limited visibility can also make it difficult to fully understand the risks associated with different investments, making it more difficult to prioritize corrective actions.
BlueVoyant Cyber Risk Management for Investors helps identify and mitigate cybersecurity issues throughout the investment process, enabling investors to assess, quantify, and remediate cyber risks associated with a potential transaction or portfolio of securities.
Hedge funds, private equity firms, wealth and family businesses, and asset managers need a reliable approach to mitigating the danger of a cyber attack. You need a partner that can easily integrate into investment processes, identifying cyber risks and helping to protect your capital.
Like businesses, among the sectors most likely to suffer a cyberattack, in order of vulnerability, we find health, government agencies, financial institutions, education, energy, and utilities.
Over the last decade, ransomware attacks have grown year after year, sometimes doubling or even quadrupling in frequency. It is one of the most active and profound threats facing organizations of any size today, and these attacks can bring business operations to a standstill. However, many companies are not prepared for a ransomware attack.
Entities are limited to managing the impact of a cyber attack and ransomware on long-term revenue. In the immediate aftermath of an attack, revenue growth is depressed by operational loss. Even once an organization's networks recover from an attack, the business must deal with the internal repercussions. Company turnaround may include refactoring systems and processes, developing strategies, investing in security upgrades, and consulting, all of which require a restructuring of company professionals.
Security budgets will likely need to increase to fill gaps that threat actors initially used to their advantage, prioritizing cybersecurity over other companies.
Although ransomware attacks have started to make the big headlines, the biggest costs incurred by affected companies often remain hidden below the surface. Organizational leaders may hear about the consequences of a cyber attack, but they rarely understand the big picture of how an incident unfolds, from immediate treatment to company recovery. The affected entities face not only consequences of financial or economic impact, but even other damages that may be more serious such as reputational damage, litigation costs, regulatory compliance, security restructuring, loss of production and productivity, among others. others.
As the threat landscape expands, so do the consequences of lax cybersecurity practices.