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Top 9 Cyber Risk Scenarios That Can Lead to Financial Loss in 2024 | Kovrr Blog

For cybersecurity initiatives to succeed, CISOs must gain buy-in from key stakeholders by expressing cyber risk in clear financial terms. To do so, costs from cyber attacks can be categorized into technology costs, hard business costs, and soft business costs. By forecasting potential losses from various cyber threats, including data breaches, ransomware, and phishing, CISOs can persuade budget approvers to invest in stronger defenses. This risk quantification can help organizations plan for cyber-related losses and remain resilient.

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