How Much Does Hacking Cost Companies?
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The cost of a cyber attack can range significantly depending on the severity of the attack and the size of the company. Generally, smaller companies tend to suffer more financially from cyberattacks due to their limited resources and lack of expertise. A single attack can cost an SME up to an estimated $200,000, while larger companies can see losses of up to $1 million. Furthermore, the average cost of a single data breach for a company is estimated to be around $3.86 million. The total cost of a cyber attack can include direct costs (such as the cost of hiring a security firm to investigate the attack, replacing stolen data and repairing damaged systems) and indirect costs (like decreased customer trust, lost business, reputational damage and legal fees).