What does the total cost to business encompass?

The total cost to a business encompasses the overall financial impact of an incident on operations, which includes not only direct financial losses but also indirect costs such as lost productivity, damage to equipment, and potential reputational harm. When an incident occurs, there are often far-reaching consequences that can extend beyond the immediate financial implications.

This could involve costs associated with downtime while repairs are being made, the need for additional training or alterations to workplace practices, and any legal or compliance-related expenses that may arise. Additionally, there may be costs related to employee morale and retention if incidents lead to a perception of unsafe working conditions. Evaluating the total cost to a business requires a comprehensive understanding of how incidents can impact multiple facets of operations, not just those tied directly to immediate finances.