EXECUTIVE SUMMARY:
In the past few months, major cyber attacks have not only disrupted business, they’ve had a significant impact on their bottom lines. Among them: major companies such as FedEx, Merck & Co, Oreo cookie maker Mondelez, Maersk, and others. Not only are cyber attacks becoming mainstream in the news, they’re now becoming part of the narrative of many corporate earnings calls.
These attacks don’t just steal data. They stop production or disrupt sales and operations and require resources to be pulled elsewhere to before systems can be fully restored. To put the problem in context, Reuters reports that global cyber attacks can potentially cause economic losses on par with catastrophic natural disasters such as U.S. Superstorm Sandy in 2012. Referencing a July study from Cyence and Lloyd’s of London, Reuters says the average economic losses caused by such disruptions could range from $4.6 billion to $121 billion.
