Cyberattacks and hackers are some of the most prominent types of security risks to an organization. The impact of security breaches on businesses is enormous and increasing every year. These events also hurt consumers through the loss of privacy, money, and identity. Attacks on a company can quickly spread, hurting business partners and the economy at large.
This week, we will be discussing the 6 Consequences of a Weak Business Computer Security System in 2 parts with a follow-up discussion on proactive steps you can take. Today, we will review how Your Organization Loses Customers, Damage to Your Brand Reputation, and Losses of Intellectual Property.
1) Your Organization Loses Customers
Data breaches often release personal data into unknown, malicious hands. If your customers entrust you with credit card numbers or other private financial information, these incidents will be especially harmful to the financial well-being of both organizations as well as your ability to sustain partnerships with those impacted.
2) It Can Damage Your Business Reputation
When a data breach occurs, the whole world is watching. Your reaction time and type of response will have a significant impact on how the public and other customers view you. You can avoid having to prove your competence in crisis management with a robust cybersecurity plan and system in place designed to help prevent malicious attacks from occurring within your company.
3) You Lose Important Data
Your network and even your emails contain important information and organization secrets. In addition to accounting information, intellectual properties like blueprints, code, research, and business strategies can be targeted by cyberattacks.
When a data breach occurs, organizations are faced with a few options:
- pursue the thieves directly to try to recover the stolen data (not recommended as you can’t trust anything a hacker tells you)
- follow your cybersecurity insurance guidelines and allow the professionals to handle the hacker (recommended)
- plug the leak and modify the data so that the stolen information becomes out of date and incapable of impacting your business (recommended in consultation with a cybersecurity professional)
Cyberattacks are dangerous and can lead to significant financial loss and even the end of business operations. Having the proper cybersecurity tools and plans in place can help prevent malicious attacks and keep your data safe. One way to make sure you stay cyber-safe is partnering with a proven Managed Service Provider (MSP). Contact us to learn more.