Enriching Life Through Innovative Ideas SM

Business and Finance at Risk of Cyber Attack

On Behalf of | Jan 16, 2019 | Business Litigation

Owning and operating a company in California requires organizational leaders to be strategic and thorough in making decisions that will steer the direction of their organization’s future. While they will encounter roadblocks along the way, it is imperative that they plan ahead to be able to effectively mitigate certain risks before they create a dangerous hazard. However, there are times when unforeseen circumstances, such as a cyber attack, can instantaneously compromise everything a company has worked so hard to achieve. 

Cyber attacks are essentially the confiscation of data by hackers who ultimately expose a company’s most sensitive information. The consequences can be insurmountable and range from lawsuits filed by victims whose information was compromised, to a loss of equipment or software that was damaged during the cyber attack. One company that suffered a cyber attack as the one described, disclosed that they had spent nearly $114 million in recovering losses and rebuilding damages. 

Companies should make active efforts to create a plan that details how they would react if they were attacked and their data was compromised. Resources should be saved to provide some relief in the case a cyber attack does occur, and businesses should revisit their emergency plan regularly to assess its effectiveness as their company continues to grow and change. 

If a business has suffered from a cyber attack and is seeking compensatory damages, an attorney may be able to provide some help. With their guidance and encouragement, victims may be able to work toward presenting their case in their desire to recover some of the damages they have experienced. 

Source: kion546.com, “Hacks can cost businesses millions,” Ivana Kotttasova, Jan. 11, 2019