Here’s an increasingly common answer to the above headline query leading off today’s Gottschlich & Portune blog post: Arguably they are.
For, truly, what other business risk rivals a sizable cyberattack for the broad-cased calamity it can spawn?
Many commercial enterprises suffer physical losses from unforeseen adverse events (fires, tornadoes and hurricanes come to mind here). Others are hit by financial adversity owing to any number of catalysts. Companies sometimes suffer reputational hits from perceived management shortcomings. And, indeed, a company’s clients and customers can easily suffer harm when unanticipated calamity strikes at business operations.
The aftermath of a cyberattack can yield all that carnage and more. High-value company equipment, intellectual property and IT processes can be destroyed or fatally comprised by an attack that successfully penetrates business operations. Company standing can
take a huge hit when markets react to adverse news. Class action lawsuits can arise in response to high-volume litigation pressed by legions of aggrieved consumers.
The rise of a global cybersecurity threat and the dire repercussions that a business-targeted attack can reap are spotlighted in a recent national media piece. Although that article evaluates the scourge from the perspective of its adverse fallout on businesses and insurers alike, it is clear that the former realm is most intimately affected by cyber threats.
For, indeed, an unprepared and deeply penetrated commercial enterprise can be harmed in incalculable – even fatal – ways by a sophisticated cyberattack.
Reflective and proactive business principals in Ohio and elsewhere know that and are progressively taking steps to address and adequately respond to cyber risks.
Seasoned attorneys from an experienced business law firm that routinely assists valued clients in broad-based commercial matters relevant to risk and opportunities can help with that. Cyber security-linked considerations have understandably grown paramount across virtually every business realm, and forward-thinking business managers augmented by proven legal counsel are developing sound strategies to mitigate risk and fallout.