WebRTC Expert Feature

November 27, 2018

How cyber attacks impacts business.



 

Cybercrime is getting sophisticated each new day with the ever advancing hacking technologies and social engineering techniques.

For every milestone achieved in cybersecurity, hackers are coming up with more complex counterapproaches. This means that businesses must keep updating themselves on cybersecurity or else they risk falling into the hands of attackers.

With almost every business having some form of online presence today, cybercriminals are working day and night to identify those with loopholes and take advantage.

Even more worrying, the techniques being used to lure businesses into cyber attacks are hard to detect especially for those without up to date information.

Some cyber attacks may even come concealed as a precautionary measure to trick victims to install them in their computers.

For instance, malicious software may come concealed as a free antivirus or even a VPN. When this software gets into your business systems, they are hard to detect and cannot be removed easily.  But how do cyberattacks impact your business?


You can lose crucial corporate information

A successful cyber-attack can lead to the loss of your company’s critical data including customers’ personal information. Attackers can use this data to demand ransom from you or harass your customers.

Loss of customers’ data to hackers has led to the fall of many companies including billion-dollar firms in the financial and healthcare industry. When hackers steal your customer data, you risk falling into endless lawsuits and eventually declaring bankruptcy.

A virus or a malware can erase or overwrite data in your database resulting in huge losses. Data recovery takes time and may be extremely expensive.

Stolen Personal information may be used to harm you and your customers. 

Hackers can use personal information for impersonation, and identity theft.

For instance, they can use your customers' details to buy illegal products in the black market hence jeopardizing their reputation. They can also use personal information to take up credit and leave your customers with bills they did not incur.

When your customers find out that you have exposed their information to hackers, they are likely to cancel pending and active orders and look for services elsewhere.

And as mentioned earlier, they may report you to authorities resulting in endless investigations, damaged reputation and in the worst case scenario, bankruptcy or withdrawal of operating licenses by the government.

Cyber-attacks can disrupt your business activities.

Severe cyberattacks can deface your online operations in minutes and take weeks to identify and correct.

For instance, a DDoS attack has the power to drive your online website to a complete shutdown in less than a minute. This form of attack is known to bring down even the most prominent websites. For instance, in 2016, a DDoS attack is said to have brought down PayPal, Twitter, and other big sites.

There is much ransomware that is known to deface websites and only grant access once certain conditions are met.

A cyber attack can drive your business to bankruptcy.

At least 60 percent of companies that experience cyberattacks fail within six months. As mentioned earlier, a cyber attack that involves customers' data loss can result in endless lawsuits hence driving businesses into bankruptcy.

Again, customers are likely to entirely keep off business if they get wind that it has been a victim of a cyber attack in the past. When compared to big companies, small and medium enterprises are the most likely to suffer much from cyber attacks.

This is because they do not have the budget to counter the reputation damage that comes with cyber attacks. According to Security Magazine, a single cyber attack is estimated to cost $11.7 million per business annually. 

How do you protect your business from cyber-attacks?

Protecting your business from cyber-attacks could take different forms.  From creating strong passwords to installing strong antivirus/antimalware, the list is long.  Let's explore some of the primary options with you.

1. Using strong login passwords
A somewhat popular recommendation in the fight against cyber-attack but it's worth the mention.  Strong passwords with at least eight characters consisting of symbols, letters, and numbers will help you restrict access to specific locations.  Ensure all your business files, and accounts are secured with passwords you can easily remember.

2. Backing up all your business information
Ensure you back up all your business data.  This is critical in that if you lose the parent information, you have a Launchpad to step on.

3. Encrypting your business data
Encrypting your business information will ensure no stranger can gain access to your communications with clients.  Take time to make intensive comparisons of VPN providers.  This will help you find a company that will best preserve your online anonymity.

4. Installing robust antivirus/antimalware software
Finally, install robust antivirus/antimalware software that will help you detect, and avert potential dangers.  Also, consider restricting the number of employees accessing sensitive departments, so you minimize risks.







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