Potential Impacts Of A Security Breach On Your Enterprise In KSA

The Government of Kingdom Saudi Arabia is putting a lot of efforts to increase its technological capabilities concerning its Vision 2030 to become a growing digital economy.

While digitalization and technology are at the base of a new national agenda, it means that there would be huge data and potential to be exploited by cybercriminals.

This will make the government and privately run business equally susceptible to malicious cyber attacks.

Here, the role of security consulting KSA comes into play. This will help your organization to protect its assets by employing state-of-the-art technology and rightly equipped security personnel.

Thus, minimizes data breaches and potential harms associated with it.

To evaluate the impact of these cyber security challenges to your enterprise, let us have a look over some of the key points:

According to tech giant IBM Security that analyzed the financial cost of data leakage on enterprises located in Kingdom Saudi Arabia and the United Arab Emirates it was revealed that a data breach could cost an average of $5.31 million to both Gulf countries combined.

And this is about 7.1 % increase since the year 2017.

Going further, cyber crimes are more financially damaging to large corporations given the large organizational size they have.

And for it, the financial cost may run into millions but, it does not mean that small businesses are out of danger zone. And, even a small security attack can quickly put them out of business.

Therefore, your organization must go for security consulting companies in KSA to save your company from negative financial implications.

Loss of clients’ trust can be one of the most harmful impacts a cyber crime can have on the organization.

If your clients and stakeholders who are part of your business get this feeling that you are not capable of protecting their data, your business is doomed forever.

And this feeling and perception can result in devaluation of the brand identity you worked meticulously to build. And this reputation loss can negatively impact your company’s ability to attract the skillful workforce, suppliers as well as investors.

One of another potential impact of cyber security breach your organization can face is the imposition of fines as it fails to comply with data protection legislation. Global leaders are considering imposing more stringent regulations in this regard.

One such instance is that of the European Union that levies a monetary penalty of 20 million Euros from May 2018 on any privacy breach.

And no doubt, this substantial amount can threaten any business with bankruptcy.

A business may suffer in several ways when it becomes a victim of cyber security breach. And the repercussions are usually tied to the type of data leaked.

If the enterprise’s confidential data is exposed, it can be catastrophic to its business. Moreover, if the personal and financial details of its staff or clients are subjected to a data breach, those people suffer from the risk of identity theft.

Also, there are several other intangible costs associated with such security incidents. While such data leaks cost massively to large corporations given their huge size, small organizations can also face disastrous repercussions as they are already struggling hard to manage their cash flows.

Thus, irrespective of your business size, you need security consulting to seek expert advice and protection from advanced cyber security threats.

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