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.
Today, we continue Part 2 of our discussion on the 6 Consequences of a Weak Business Computer Security System. Previously, we covered how Your Organization Loses Customers, Damage to Your Brand Reputation, and Losses of Intellectual Property.
4) Disruption to Online Management Software
Have you ever delayed updating your software because you knew it would interrupt your daily workflow? This is never a good idea. Software developers routinely develop and release patches to prevent known current hacks. Unfortunately, the average user probably doesn’t realize the gravity of these occasional updates. Some recent software hacks of online management software resulted from delaying the installation of needed patches.
Partnering with a Managed Service Provider (MSP) who also handled patch management will help reduce vulnerabilities to your critical business data and infrastructure.
5) Reduction in Resources for Business Growth
It’s challenging to understand the scope of a cyberattack without calculating all the expenses you might incur. Between losing customers and intellectual property, cybersecurity breaches cut into your revenue streams with as much as 40% of the total cost of a cyberattack being attributed to lost business opportunities. That’s just the starting point. Coupled with ongoing damage to your brand reputation, your organization can also be hit with:
- Civil lawsuits from affected customers or business partners
- Fines from regulators for cybersecurity non-compliance
- Customer refunds or incentives (i.e. free credit monitoring)
- Higher insurance premiums
Keep in mind that none of these ramifications deal with resolving the issue. Depending on the severity of the incident, your IT department will likely spend many hours playing defense. In addition to time spent restoring lost data, your company will be on the hook for new software licensing and other investments to counter the cyberattack. On average, it takes an organization 280 days to deal with an attack with an average data breach cost being $9.44 million in 2022.
6) You Risk Business Closure
Small and mid-sized businesses are prime targets for cyberattacks and are often the least equipped to handle them. From small internal IT staff and budgeting to inadequate backups and disaster recovery planning, some organizations face closure as a result of a crippling attack. When you consider all the time, money, and resources that can go into dealing with such an attack, it’s easy to understand why. With so many businesses operating within tight margins, it doesn’t take much disruption to send them over the edge.
Having the right technology resources and trained staff in place will go a long way toward preventing potential attacks. By partnering with a proven MSP, your organization will be backed by an experienced team of friendly technicians trained to help you identify and avoid potential breaches across your infrastructure. Contact the helpful team at PCS to discuss solutions to help keep your data and your business secure.
Join us tomorrow when we will conclude this week's conversation with a discussion on 6 Proactive Steps you can take to Strengthen Computer Security.