Whether or not to report cyberattacks is a question that every business must answer for itself. However, there are 10 factors to consider when making this decision:
-The first factor is severity. How serious was the attack? Was any confidential information stolen or compromised? Was your business shut down or slowed down as a result of the attack? If the answer to any of these questions is yes, then you should report the attack.
-The second factor is compliance. Are you required to report cyberattacks by law? For example, in the United States, businesses that suffer a data breach affecting more than 500 people are required to report it to the Federal Trade Commission.
-The third factor is liability. Could reporting the attack make your business liable for damages? For example, if you report a cyberattack and it turns out that the attack was actually launched by your company’s own employees, your company could be sued for damages.
-The fourth factor is insurance. Does your business have cyber insurance? If so, you may be required to report the attack in order to make a claim.
-The fifth factor is reputation. How will reporting the attack affect your company’s reputation? Will it make customers and clients lose faith in your security measures?
-The sixth factor is cost. Reporting a cyberattack can be expensive, both in terms of time and money. You need to weigh the costs and benefits of reporting the attack before making a decision.
-The seventh factor is resources. Do you have the manpower and resources to report a cyberattack? This can be especially difficult if the attack occurred overseas.
-The eighth factor is time. How long has it been since the attack occurred? The sooner you report an attack, the more likely you are to recover any lost data or mitigate the damage caused by the attack. However, if too much time has passed, the damage may be irreparable.
-The ninth factor is confidentiality. Will reporting the attack compromise your company’s confidential information? If so, you may want to consider other options, such as hiring a forensic investigator to investigate the attack.
-The tenth and final factor is risk. What are the risks of not reporting the attack? Could the attack cause more damage if left unchecked? Could it put your company at further risk for future attacks?
In the end, every business must weigh these factors and make its own decision on whether to report a cyberattack. However, these are some of the factors that should be considered when making that decision. If you decide that you need help mitigating the risks of cyberattacks, consider hiring a managed cybersecurity solutions provider like ThrottleNet. Their solutions can help protect your business from future attacks and ensure that your confidential information stays safe.