1.3 The consequences and implications of inadequate cyber security

Money and Time Loss

When cyber attackers break into a system, they can cause a lot of trouble. This trouble costs companies and people a lot of money and time to fix. Imagine if someone broke into a store and stole things or broke stuff. The store would have to spend money to replace what was stolen and fix what was broken, right? It's similar with cyber attacks, but instead of physical items, they're stealing or damaging digital information.

Losing Trust

If a company gets attacked online, people might not trust it anymore. This is like if a friend keeps losing your stuff; you might stop lending things to them. For businesses, losing trust can mean customers go somewhere else, which can lead to less money made from sales.

Legal Problems

There are rules that say companies have to keep certain information safe. If they don't and a cyber attack happens, they could get in big trouble, including having to pay fines. This is similar to getting a fine for not wearing a bike helmet; it's a penalty for not following the rules.

Sensitive and Personal Information

This includes really private stuff like your health records or your identity details. If bad guys get this, they can sell it or use it to trick you or others.

Intellectual Property

This is like someone stealing a secret recipe. Companies can lose their unique ideas or products to competitors.

Industrial Systems

This means attackers could take over or mess with the systems that run factories or utilities.

Economic Costs

Stealing important secrets or products, costing companies a lot of money. Taking financial info to commit crimes like stealing money directly. Stopping businesses from being able to sell things online, which makes them lose money. Costs to fix everything after an attack, like repairing systems and improving security.

Reputational Damage

This is about how people see a company. If a company is attacked, people might think it's not safe and choose not to use its services or buy its products. This can hurt the company even more than the actual attack because it can lose customers and money over time.

More Legal Trouble

If hackers steal sensitive info like bank details, the company could have even more problems, like being sued by people who were harmed by the attack or losing the ability to use banking services.

In simple terms, not having good cyber security is like leaving the doors unlocked to your house. Bad guys can come in, steal things, break stuff, and cause a lot of problems that can cost money, time, and trust. Plus, there could be legal troubles if you're supposed to keep the door locked but didn't.