Financial impacts on EU businesses Sample Clauses

Financial impacts on EU businesses. Companies spend an average of $880,000 (€784,000) in the aftermath of incidents. Disruption to normal operations can cost an average of $955, 400 (€811,000). Network downtime for SMEs is estimated to cost at least $20,000 (€17,800) an hour68. • While 58% of small businesses are concerned about cyber-attacks, 51% are not allocating any budget at all to risk mitigation: 38% of businesses surveyed regularly upgrade software solutions, 31% monitor business credit reports and 22% encrypt databases. 75% of small businesses have no cyber risk insurance69. ‘Measuring Financial Impact of IT Security on Businesses’ (2016) by Xxxxxxxxx shows that the financial impact of cyber breaches can increase by as much as a factor of four when undetected for seven days, compared to the cost of it being detected instantly, as showed in the figure below based on a survey of 4,000 business representatives from 25 countries70. 68 xxxxx://xxxxxxxxxxxxxx.xxx/2017/01/cyber-security-statistics-small-business.html. 69 xxxxx://xxx.xxxxxxxxxx.xxx/technology/why-smes-are-big-targets-for-cyber-crime. 70 xxxx://xxxxx.xxxxxxxxx.xxx/en/business-security/kaspersky-it-security-risks-report-2016.pdf. Cited in Building an Effective European Cyber Shield - Taking EU Cooperation to the Next Level, May 2017, xxxxx://xx.xxxxxx.xx/epsc/publications/strategic-notes/building-effective-european-cyber-shield_en. While costs are significantly higher for large businesses, costs could be life-threatening to SMEs. The figure below comes from the report. • Studies on cyber costs point to increasing impacts to all kinds of businesses with financial services, energy, technology, services, industry and defence being the most affected sectors in 2015 but with impacts now spreading across the business world71. o At the level of individual companies, various studies relating to French, German and UK- based companies have found the economic impact of cybercrime to range from €100,000/year per affected company to as much as €20m depending on the type of attack72. These figures are likely to increase as more and more economic infrastructures become connected73. o The costs related to cybercrime and data breaches are thought to be significant and growing fast as digitalisation spreads into all spheres of our lives74. A 2014 study estimated the economic impact of cybercrime in the Union to stand at 0.41% of the EU GDP (i.e. around 55 billion euro) in 2013; with Germany being the most affected Member State (1.6% of GDP)75....
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Related to Financial impacts on EU businesses

  • Financial Impact The school anticipates that the requested waivers will have no financial impact on Denver Public Schools or the school. How the Impact of the Waivers Will be Evaluated: Since this area has a critical impact on the performance of the entire school, the impact of this waiver will be measured by the same performance criteria and assessments that apply to the school, as set forth in this Charter School Agreement.

  • FISCAL IMPACT The fiscal impact is $2,600,000.00. Funding is from Operations and Maintenance funds account code 301.521.210.5310009.000.100883 (subject to the Aviation Authority Board approval of the FY 2024 Aviation Authority budget).

  • PROJECT FINANCIAL RESOURCES i) Local In-kind Contributions $0 ii) Local Public Revenues $200,000 iii) Local Private Revenues iv) Other Public Revenues: $0 - ODOT/FHWA $0 - OEPA $0 - OWDA $0 - CDBG $0 - Other $0 v) OPWC Funds: - Loan Assistance $0

  • Disaster Recovery and Business Continuity The Parties shall comply with the provisions of Schedule 5 (Disaster Recovery and Business Continuity).

  • FINANCIAL IMPLICATIONS There are no budget implications. The applicant will be responsible for all costs, expenses, liabilities and obligations imposed under or incurred in order to satisfy the terms of this proposed development agreement. The administration of the proposed development agreement can be carried out within the approved 2019- 2020 budget and with existing resources.

  • TTOCs CONDUCTING UNION BUSINESS 1. Where a Teacher Teaching on Call (TTOC) is authorized by the local union or BCTF to conduct union business during the work week, the TTOC shall be paid by the employer according to the collective agreement. 2. Upon receipt, the union will reimburse the employer the salary and benefit costs associated with the time spent conducting union business. 3. Time spent conducting union business will not be considered a break in service with respect to payment on scale. 4. Time spent conducting union business will be recognized for the purpose of seniority and experience recognition up to a maximum of 40 days per school year.

  • Critical Accounting Policies The section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Time of Sale Prospectus and the Prospectus accurately and fairly describes (i) the accounting policies that the Company believes are the most important in the portrayal of the Company’s financial condition and results of operations and that require management’s most difficult subjective or complex judgment; (ii) the material judgments and uncertainties affecting the application of critical accounting policies and estimates; (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; (iv) all material trends, demands, commitments and events known to the Company, and uncertainties, and the potential effects thereof, that the Company believes would materially affect its liquidity and are reasonably likely to occur; and (v) all off-balance sheet commitments and arrangements of the Company and its Controlled Entities, if any. The Company’s directors and management have reviewed and agreed with the selection, application and disclosure of the Company’s critical accounting policies as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and have consulted with its independent accountants with regards to such disclosure.

  • Accounting Methods and Financial Records Maintain a system of accounting, and keep such books, records and accounts (which shall be true and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance with GAAP and in compliance with the regulations of any Governmental Authority having jurisdiction over it or any of its properties.

  • Mineral Reserves and Resources The estimated proven and probable mineral reserves and estimated indicated, measured and inferred mineral resources disclosed in the Company Public Documents since December 31, 2006 have been prepared and disclosed in all material respects in accordance with accepted engineering practices and all applicable Laws. There has been no material reduction in the aggregate amount of estimated mineral reserves, estimated mineral resources or mineralized material of the Company and the Company Subsidiaries, taken as a whole, from the amounts disclosed in the Company Public Documents since December 31, 2006.

  • SIGNIFICANT ACCOUNTING POLICIES The Group prepared the interim financial statements with the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2020.

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