Cybercrime is a very big and real threat for companies of all sizes. Sadly, it can take a matter of minutes for an experienced cybercriminal to gather the critical data they need from a computer system, but it could take a business potentially months to notice they have experienced a breach.
If you are failing to take your online security seriously, you are leaving your organization vulnerable to numerous issues that could negatively affect your company’s future. Learn about the four biggest consequences of a cyberattack.
Extortion
Ransomware software has become more sophisticated throughout 2018, with cybercriminals directly targeting organizations to encrypt their data and prevent them from gaining access to their computer systems.
As a company will be required to pay the ransom to unlock their encrypted files, cybercriminals are earning millions of dollars per year, as a result – and there is no reason why you cannot become their next victim.
Electronic Data Loss
Many cybercriminals can send a virus across your network, which could cause damage to your business’s electronic data. For instance, a virus could corrupt your essential files, which could slow your business down or grind it to a complete halt.
If this happens, it is important to act quickly by turning to Secure Data Recovery to promptly recover your lost data, so your business can move forward following a cyberattack.
Reputational Problems
Consumers want to buy products or services from businesses they can trust. If your company experiences a high-profile data breach, both your past and potential customers might be wary of your brand, so may turn to a competitor instead.
As a result, your industry rivals could gain many loyal customers who could have been yours, and it could take many months or years for you to recover your reputation within your industry. For example, you might have no choice but to rebrand your business to increase trust in your goods and services.
Lawsuits
A cyberattack will not only pose a risk to your reputation, operations and finances, but it could also lead to numerous lawsuits being filed against your business. For example, if a cybercriminal steals and leaks sensitive information related to your customers, vendors, employees, or associates, they would have a legal right to file a suit against your company for an invasion of privacy.
In addition to paying expensive attorney and litigation fees, a judge may order you to pay compensation if you are deemed negligent, and the financial loss could potentially signal the end of your business. The statistics speak for themselves, as it has been reported that 60% of small businesses close their doors for good within six months of a cyberattack.
Conclusion
Cybercrime is seemingly growing with each passing year, which is why every business owner must aim to protect their infrastructure and data at all times to avoid becoming a cybercriminal’s next victim.
Not only must you aim to recover data on your hard drive, but you also must introduce a dependable firewall and anti-virus software, create a detailed cybersecurity policy for the workplace, secure your Wi-Fi network, and make regular backup copies of your sensitive data.