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Cyber attacks estimated to cost businesses $280 billion

Cyber attacks estimated to cost businesses $280 billion

A report by U.S.-based consulting firm Grant Thornton L.L.P. has said that cyber attacks will inflict $280 billion in damage on businesses across the world, reported. Some of the main impacts of cyber attacks include: loss of reputation, management time, customer loss or churn, clean-up costs and direct loss of turnover. The financial services sector was the most heavily targeted industry, followed by healthcare and energy. The report added that 52% of the respondents said they do not have cyber insurance.

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