Bank Primary Loss

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Primary loss The bank is the primary stakeholder when cyber criminals access a bank account and steal money. The bank does not only lose the money that has to be reimbursed banks also lose money because of response, replacement and reputation. When a cyber criminal accesses a bank account the bank has to respond to the attack. As a bank gets notified that a customer has been hacked bank employees have to respond. For example, bank employees have to look into how the attack happened to try to prevent the same attack to happen in the future by trying take the phishing website down. The estimated loss of response of one accessed bank account is estimated to be between $100 and $10,000. As a bank account gets accessed and cyber criminals steal money it is up to the bank…show more content…
For example, when a bank customer calls the bank about the situation the bank customer lose productivity because the might have to take time off from work. Additionally, the bank customer has to tell the bank about how the attack happened and fill in paperwork. The estimated losses in productivity are between $1 and $10,000. Productivity can be the only loss for the bank customer but if a bank customer chooses to sue the bank there will be additional losses because of lawyer fees. The estimated losses for fine and judgments are between $0 and $10,000. However, the most likely estimated loss is at $0 because most bank customers are satisfied enough with getting reimbursed their losses.

Secondary Loss Event Frequency Bank customers who get their bank account hacked accessed by cyber criminals will always face a secondary loss. Once a bank customer realizes that a cyber criminal has taken money the customer has to contact the bank and inform them about the situation. Therefore, when cyber criminals steal money from a bank account the victim will always have a loss in
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