As technology is continuously developing, and the use of technology is growing, risk management has an essential part in safeguarding that such expertise does not expose businesses to cyber-attacks. Cyber-attacks can harmfully impact financial security and are now an intrinsic certainty that any maintainable business or indus- try must be prepared to face (Izuakor, 2016). A cyber-attack can cause a lot of harm to the business. Cyber-attack can affect business and customer reliance. The de- tails of different kinds of impacts of cyber threats are as follows:
The financial cost of cyber-attack
Financial loss is considered as one of the most fundamental impacts of cyber- attacks. Financial loss can be considered as a backbone behind every cyber-attack. Usually, financial loss occurs from the stealing of business information, financial information, funds, and credit card information. One other cost that the businesses face from cyber-attacks is the cost to recover from a cyber-attack and the cost of repairing the systems.
Reputational Impact of a Cyber-Attack
Reliance is a vital component of customer association. Cyber-attacks can harm a business standing and impact the trust of the clients. This reputational impact can lead to the loss of clients, transactions, and incomes. The reputational impact of a cyber-attack can damage the trust between suppliers, investors, and partners within a business.
Legitimate Impact of a Cyber-Attack
Businesses have to defend the data. The confidentiality laws are required to main- tain the safety of all individual data that is present. Within a business, this data can be about workers or clients. In some cases, if this information is unintentionally or purposely compromised, then the business has failed to install suitable safety ac- tions, and it may have to face penalties and supervisory authorizations.
Psychological Impact of Cyber-Attack
The psychological impact affects the individuals responsible for maintaining cy- bersecurity within an organization. After a cyber-attack, the individuals feel un- happy, uncomfortable, disgraced, and confused as they consider the cyber-attack as their fault. This impact can be reduced by the proper training of individuals with the latest developments in mitigation strategies for cyber-attacks.
Physical Impact of a Cyber-Attack
The physical impact of a cyber-attack includes the damage to the physical infra- structure as a result of a cyber-attack. The common example of this impact is wip- ing off everything from the hard drive and leaving the hard drive entirely useless.
Social Impact of a Cyber-Attack
The social impact of a cyber-attack includes the disturbance to everyday life activ- ities in an IT environment. It also includes the influence on key amenities, a harmful insight of technology, or descent in interior confidence within organi- zations that are affected by a cyber incident. The social impact of a cyber-attack af- fects business activities socially.