Cyber attacks can impact your business in a number of ways. Find out how a single cyber attack can impact your organization.
Most business owners are aware that cyber attacks can have a negative effect on their organization’s operations. However, business owners are often unaware of just how severe the impact can be. In addition to making it difficult for your business to run properly in the short-term, cyber attacks can also have long-term effects on your company’s reputation and overall profitability.
Unexpected Impacts of Cyber Security Attacks
Some of the possible consequences of cybersecurity attacks are obvious. When a cybercriminal successfully breaches your defenses, any sensitive information your organization stores is vulnerable. This information can be stolen and used for identity theft or other purposes. When this occurs, your organization will be responsible for informing those affected and covering related financial losses. Cyber attacks can also make it impossible for your company to use important data or software, which impacts operations at every level. However, there are other consequences of cybersecurity attacks that are not as obvious.
San Francisco Network Security expert Lance Stone with On Time Tech shares some of these unexpected impacts of cybersecurity attacks include:
1. Damage to your company’s reputation
When an organization has been the victim of a cybersecurity attack, its reputation suffers. Consumers lose trust in the organization, which can lead to lost business.
2. Lost profitability
The short-term effects of cyber-attacks often include a loss of income. However, businesses sometimes fail to recognize that cybersecurity attacks can impact your long-term profitability as a company as well. The impact on your operations, the damage to your reputation and the cost of cleaning up after the incident can come together to create a noticeable decline in profitability. In some cases, cyber-attacks can even force companies out of business.
3. Lost opportunities
Another of the possible impacts of cybersecurity attacks that many organizations fail to consider is the loss of important business opportunities. For example, other organizations that are interested in a merger or acquisition are less likely to go through with the transaction if they learn that your company has a history of cybersecurity issues. In fact, many organizations are now requesting third-party cybersecurity audits before they will approve a merger or acquisition.
How to Protect Against Cyber Security Risks
Cybersecurity breaches pose a serious threat to your company. To protect against these risks, you need to be proactive. Below are some tips to help you keep your company secure.
- Have a plan. – Your organization needs a clear, detailed plan for mitigating cybersecurity risks and dealing with any attacks that occur.
- Be informed. – The world of cybersecurity is always changing. Stay up-to-date on the latest threats and make sure every employee knows how to keep their own devices as secure as possible.
- Invest in protection. – Firewalls, virus detection software and other security measures can reduce the risk of a successful attack on your business. Invest in these measures and upgrade them regularly.
Work with professionals. – Contact an established, trustworthy IT consulting company to help you keep your organization safe.