Most of modern business is now conducted online. In many ways, this has been a positive development for the marketplace. Because more businesses are now online, with websites and internal systems protecting their data, this has bred innovation. Customers now can have a more streamlined shopping experience, and it’s easier to find products you like. Business owners themselves have taken the opportunity to expand their business incredibly, using the internet to do so. However, there are some risks when it comes to putting your business online. These risks can be catastrophic to your company, meaning the interest in business cyber security has been on the rise massively.
But what are these cyber attacks, and how exactly are they affecting modern business? And crucially, how can you protect your company from these attacks?
Cyber attacks can cost a company thousands, if not hundreds of thousands. Cyber attacks often result in the loss of financial information, corporate information, money, contracts, contacts, and access to trading. The loss of financial and corporate information may take money to recover or replace. The loss of money really speaks for itself. The loss of contracts and contacts may lead to future business being inhibited, which can be financially devastating. Denial of Service malware can cease your company’s operations, which can cost a company a lot of money. There can be heavy losses when it comes to repairing the aftermath of a cyber attack.
Unfortunately, cyber attacks can degrade the public perception of your business, particularly if a cyber attack affects them. It could ruin the existing trust your customers have in your company
This could lead to further monetary loss, through the reduction of customers and sales. Reputational damage could also possibly affect your relationship with suppliers, or even investors.
The law is very clear on your company’s responsibility when it comes to storing your customer’s and staff’s personal information. If this data is somehow compromised, you could face serious legal ramifications. If it is found in court that your cyber security defense was inadequate, you could face sanctions or fines. This could be devastating for your business.
Cyber attacks are incredibly common in the online marketplace. A whopping 31% of businesses in the UK report that they are attacked at least once a week. This is a persistent and growing problem that you need to protect your business against.
There are many ways in which you can reduce the likelihood of a cyber security breach in your business.
Training your staff on how to spot a cyber attack could prevent them falling victim to a phishing attack, which could result in precious data being stolen.
Making sure your data is encrypted when stored will make it harder to steal- encryption converts the data into an indecipherable code. Encryption has protected many businesses’ data storage.
2 Factor Authentication will make it much harder for a scammer to hack into your databases. Putting this into your employees’ and customer’s online logins can prevent data being stolen.
Having a cyber incident response plan will cover you in case there is a breach, and can mitigate the ramifications of such an attack. Getting a plan like this will also give you a vulnerability assessment, which could help you to protect your business as you will know where to improve. It will help you know what to do in case there is a breach.