IT Management Risk Security

Cisco: Data breaches costing some businesses 20% of revenue

The cyber crime landscape underwent several changes in 2016 with malicious actors taking a more ”corporate” approach to their craft, which helped lead to even greater losses by business hit with a cyber attack.


The damage inflicted on organizations victimized by data breaches and other cyber attacks last year included losing customers, revenue and potential business opportunities, according to the “Cisco 2017 Annual Cyber Security Report.” This year’s version marks the report’s 10th anniversary. These incursions were due to a combination of using new methodology, along with bringing back some old favorites like spam.

The report, which is based on a survey of 3,000 chief security officers and security operations leaders from 13 countries, found that 22 percent of breached organizations lost at least some customers with 40 percent of that group losing at least 20 percent of their customer base.

Another 29 percent said their firms lost revenues due to a cyber attack – with 38 percent of that group saying losses exceeded 20 percent. Although somewhat harder to define, 23 percent reported losing business opportunities.


Leave a comment

%d bloggers like this: