Cyber threats are no longer just about data breaches; they come with significant financial consequences. Companies that overlook cybersecurity often learn this lesson the hard way, facing regulatory fines, legal battles, revenue losses, and reputational damage that can take years to recover from. 

The banking and financial services sector, in particular, is a prime target due to the sensitive nature of its data and the critical role it plays in economic stability. A single cyber attack can lead to billions in direct financial loss, regulatory penalties, etc. Financial institutions face the highest cybersecurity risks, with 78% of organizations experiencing ransomware attacks last year (Bridewell).

Yet, many businesses still view cybersecurity as an afterthought, until they become a victim.

Hana Abriyansyah, CEO of Cisometric, warns against this reactive approach:

“Many businesses still think cybersecurity is a ‘later’ problem. But when an attack happens, it’s already too late. Cyber threats don’t just steal data, they burn through money.”

Recent reports predict that global cybercrime costs will reach $10.5 trillion annually by 2025 (Cybercrime Magazine). Meanwhile, businesses are dealing with rising breach costs, which averaged $4.88 million per incident in 2024 (IBM Cost of a Data Breach Report 2024).

Also read: Top Cyber Attacks in 2024 and How To Prevent Them in 2025

The Cost of Cyber Attacks

The financial toll of cybercrime can be divided into several key areas:

1. Regulatory Fines & Legal Costs

Regulators worldwide are tightening data protection laws, and non-compliance can be costly.

"Right now, Indonesian regulators often issue warnings, but that won’t last forever. If enforcement becomes stricter, companies will feel the financial hit," says Hana.

For financial institutions, the risks multiply. If a bank suffers a data breach involving European customers, it’s not just subject to Indonesia’s UU PDP but also GDPR, which resulted in over €1.6 billion in fines in 2023 alone (Statista).

2. Downtime & Revenue Loss

For businesses reliant on real-time transactions, cybersecurity failures mean more than just data breaches, they mean money lost by the second.

A 2024 report from Check Point Research found that 70% of data breaches cause significant disruptions, with an average downtime of two weeks, leading to lost revenue and customer trust.

For payment gateways, even an hour of downtime could mean millions in lost transactions. 

3. Scams & System Abuse

Cybercriminals exploit security loopholes in ways many businesses never anticipate.

"One company suffered an access breach where hackers used their cloud account for cryptomining for a week. The final bill? Several billions. That money? Completely unrecoverable," shares Hana.

The rising use of compromised credentials and cloud-based attacks makes financial institutions a prime target. 

4. Poor Code = Huge Financial Losses

Bad software coding is a financial liability.

One example: a major e-commerce platform suffered a promo voucher bug that let all users claim a discount, not just new customers. The company’s marketing budget exploded overnight, leading to a significant financial loss.

For banks, a similar coding flaw could lead to fraudulent withdrawals, incorrect interest calculations, or even system-wide transaction errors. All of which translate to direct financial damage.

How Businesses Can Reduce Cyber Risk Costs

To minimize financial exposure to cyber threats, companies across all industries must move beyond reactive measures and adopt a structured cybersecurity strategy. No industry is immune to the rising financial burden of cybercrime.

1. Build a Strong Cybersecurity Foundation

Before focusing on advanced security solutions, the basics must be in place. At a minimum, businesses should ensure:

• Strict access control (multi-factor authentication & role-based access)

• Regular security updates & patching

• Data backup & disaster recovery plans

• Cybersecurity awareness training for employees

For industries that handle sensitive customer data, such as financial services, healthcare, and retail, strong data encryption and secure access protocols are non-negotiable.

2. Conduct Financial Risk Assessments (and Apply Cost-Benefit Analysis)

Many businesses hesitate to invest in cybersecurity because they focus too much on short-term costs rather than long-term risk mitigation. However, a structured cost-benefit analysis (CBA) can help companies see the financial reality of cyber threats.

A proper CBA for cybersecurity should include:

• Incident History Review: Look at cyber incidents from the past 2-3 years. How many breaches, attacks, or system downtimes occurred? What was the financial impact of each?

• Recovery Time Calculation: If an attack shuts down operations for 24 hours, how much revenue is lost? Is that amount greater than the cost of investing in security tools?

• Comparing Breach Costs vs. Security Investment: Cyber incidents can cripple operations and lead to lawsuits, regulatory fines, or even customer churn. 

"Even if security investments cost the same as the losses, one of them buys protection. The other? Just a total financial loss," Hana explains.

3. Strengthen Cyber Resilience & Incident Response

Prevention is ideal, but response time is critical. Companies need:

• Real-time threat detection to minimize damage

• Incident response teams ready to act before an attack escalates

• Regulatory compliance monitoring to avoid fines and legal trouble

Cyberattacks cost businesses not just in ransom payments or lost transactions, but in customer trust, legal battles, and operational downtime, a cost that far outweighs the expense of prevention (London Business Matters).

Conclusion

Cyber threats are expensive, and the cost of inaction is far greater than the cost of prevention. Whether you’re in finance, e-commerce, hospitality, or critical infrastructure, the rising costs of cyberattacks demand a proactive, strategic cybersecurity approach.

"Cybersecurity isn’t just a technical issue. It’s a matter of business survival," Hana emphasizes.

Cisometric provides next-generation cybersecurity solutions that help businesses:

• Detect threats before they escalate with advanced threat intelligence & monitoring as well as strengthen resilience against cybercrime with expert incident response & forensic investigation of our Security Operations Center (SOC)

• Reduce financial loss from cyber incidents with a proactive cybersecurity strategy

• Meet regulatory compliance to avoid fines and legal risks

Also read: What Makes a Security Operations Center (SOC) Truly Effective?

Let’s secure your business before cybercrime drains your finances. Get in touch with our experts to assess your security posture and prevent costly breaches.

Contact us today, click here.

Reference: 

Cost of a Data Breach Report 2024

The rising cost of cybercrime

Top Cybersecurity Statistics for 2025

Cybercrime To Cost The World $10.5 Trillion Annually By 2025