6 Times When Hackers Forced Companies to Go Bankrupt and Shut Down

Abeerah Hashim - Security Expert

Last updated: November 13, 2023

Read time: 7 minutes

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Do you think of a cyberattack as a faraway thing? It’s time to strengthen your firm’s cybersecurity. Find here how companies were forced to shut down due to hackers.

Sneak peek at how companies are forced to shut down

Cybersecurity attacks have become so common today that no single day goes by when a business is not attacked. From malware to devastating ransomware attacks, organizations face many cyber threats, preventing which is not always easy for many. Companies need to spare a considerable amount of money and resources to devise and deploy effective cybersecurity strategies. But they often fail at doing so, thus falling prey to hacking attacks. Sometimes, these attacks even force companies to shut down their businesses as they become unable to cope with the financial and reputational losses. In this article, we review a few events that triggered the victim firms to shut down following hacking attacks. Read along to learn a lesson and craft measures to protect your own business against online threats.

When you hear of hacking and cyber attacks, most of you would perceive these terms as something from sci-fi movies.

Nonetheless, it’s high time to realize that hacking isn’t a fictional thing. Nor is it rare.

From cracking your personal account passwords to taking over your firm’s IT structure, everything is an example of a cyberattack.

During the past few years, hackers have been really active in the wild. They have carried out highly devastating campaigns. In fact, the subsequent damages from these attacks even forced victim companies to shut down completely.