Calculating Economic Damages from a Cyber Event
Any time you hear the word “event,” you can be sure someone’s coming for your wallet. The word might appear on an invitation to the annual black tie for the Humane Society, in which case you’re probably happy to write a check. In the worst-case scenario, a business associate, vendor, supplier, or your own IT team might inform you of a “cyber event.” Then there’s no need to get the tuxedo pressed. There will be no cocktails, soft jazz, or chicken dinner. But the costs to your business might be so catastrophic that your team can’t even begin to quantify them. However, an accurate calculation is imperative, if your business is going to fully recover from cascading losses resulting from the “event.”