If your business depends on computer systems to operate, you need to understand the cyber risks you face and how they can impact your company. A cyberattack could leave you financially responsible for consumer losses and significantly impair your business operations for days or even weeks. In this article, we explain the different types of cyber risks and what you can do to reduce them.

What is cyber risk?

Cyber risk is the threat of data loss, property destruction or ransom demands resulting from a hack of your company’s IT systems. Cyberattacks can result in a financial loss or disruption to your business. They can also harm your brand’s reputation if consumers don’t feel their information is secure with your organization.

Cyber risks can lead to computer system failure and the unauthorized use of information. If an unauthorized person gains access to your computer system and databases, they can halt your operations or steal your information unless you pay a ransom. This is why you need to have the right cybersecurity.

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