Unless you have been hibernating you would have read about TalkTalk and that it has been a victim of a Cyber attack for the 3rd Time.
Reports are already pouring in about money disappearing from people’s bank accounts, strange calls trying to obtain money and more.
If you want to learn more about the actual incident, click on the link to the BBC News at the end of this article.
Now for my thoughts on this situation and the potential outcome.
The facts are alarming on Cyber attacks. I don’t mean to scare you BUT over 50% of small businesses have suffered a Cyber attack last year. We all hear about the big name companies, but small companies are being targeted like never before. Why? Easy prey as their computer systems are not locked down enough. So with the stats so high for small companies, it comes as no surprise of complacency by even larger ones.
TalkTalk is going to need a lot of money to recover from this incident. Here’s why –
1) It will need to investigate how exactly the breach occurred, and for the third time and remove and crypto lock, virus, trojan or more.
2) It will have to investigate to see whether an employee was part of a crime that aided the hackers.
3) It will to allow for example £10 per customer in costs in contacting them and advising of the incident.
4) Remedies will need to be put in place (which will cost) to change and improve systems
5) PR and Marketing – costs for managing this will need to be allowed for
6) Brand – loss of brand reputation
The above are just a small example of problems TalkTalk are going to face. In reality, the brand is being destroyed. I personally believe this is not a maybe but a possibility and that TalkTalk may never survive this Cyber attack.
Source – BBC News – http://www.bbc.co.uk/news/uk-34615226