With a number of high profile cases of Cyber Attacks over the last year or so (most notably: Ashley Madison, T-Mobile, Talk Talk & Vodafone) we wanted to look at how much downtime affects a business financially across all sizes. You hear about the high profile cases above, but this happens on a daily basis across all sizes of businesses in the UK.
Just recently we had a new Legal Services client who, prior to becoming a client of ours, were infected with Ransomware. They experienced significant downtime (almost 2 days worth!) and working out the total cost of that downtime was staggering, mainly stemming from their staff not being able to complete billable tasks.
According to the latest PII (Personal Indemnity Insurance) Report from The Law Society, almost a quarter of firms in the UK report having been targeted by cyber criminals in the last year. (You can find the report on the Law Society website here: http://www.lawsociety.org.uk/support-services/risk-compliance/pii/surveys/)
With that last statistic in mind, we can have a look at the average cost of a cyber attack to a business has been detailed by the 'Cyber Security Breaches Survey', undertaken by the Government every year. Over the last 12 months the costs are as follows:
Working out the cost of downtime for your firm is simple with these very easy calculations:
- Dividing the Turnover of the firm by the number of working hours in the year gives you your Cost Per Hour
- Dividing the cost of your staff by the number of working hours in the year gives you your Cost of Staff Per Hour
These costs combined will give you a good indication of what downtime as a result of an attack will cost your firm.
When you have those costs, take into account the findings on the average time dealing with cyber attacks from the 'Cyber Security Breaches Survey' below:
Can your firm afford to have even 1 day dealing with the aftermath of a Cyber Attack?
If the answer is 'No' then you should really start thinking about having a Disaster Recovery plan in place. There are also a number of Business Continuity solutions available on the market, we chose to partner with Datto, as their recovery times on average are hitting the 6 Second mark!
You can read more about datto's full suite of Business Continuity products on our dedicated page here: http://www.mirus-it.co.uk/managed-backup-disaster-recovery/
Get your business prepared for Disaster with our Ultimate Disaster Recovery Checklist