Many businesses find it difficult to take advantage of the most up-to-date cyber security solution available on the market. In truth, putting a security solution in place can be a daunting task. (Though we have a few tips that might make the process easier.) However, not setting up proper security measures is a huge risk to your company.
If you suffer a breach, hackers can obtain personal information from your company and cause you to lose clients and maybe even your company. Some of the larger consequences of not having cybersecurity measures in place include:
Financial consequences of a cybersecurity breach
A hacker can cost you serious revenue: whether they obtain personal information about your employees or customers, crash your company’s site, or take control over your data. Additionally, the longer your network is down from a cyber attack, the more revenue you will lose.
If losing revenue wasn’t bad enough, a hacker can cost you hundreds of dollars in fines thanks to data protection legislation. If your company is ever cyber attacked and you lose personal client information, you can be sued or have to pay fines to global authorities for insolvency. (For example, see what Equifax is dealing with.)
Besides losing income and crippling fines, there are also additional costs that you now have to say thanks to not having substantial network security. This includes the cost of operation disruption, insurance premiums, and additional debt that can cripple companies, regardless of the size of the organization.
Other consequences of a cybersecurity breach
A cybersecurity breach potentially ruins the reputation of a company. Once something reaches the public (especially out on the internet), it cannot be taken back. It won’t matter how hard you try to remove something, it will always be out there online and in the minds of your clients.
Theft is another huge consequence of cyber attacks. Sensitive data on your servers and computer is vulnerable to theft. This includes names, contact information, banking information, and social security numbers of you, your employees, and your clients. Hackers may also be able to steal confidential company documents, trade secrets, and other intellectual property. In fact, the average cost for each lost or stolen record containing sensitive and conﬁdential information is $141 in 2017. That will add up quickly.
Stolen intellectual property could devastate your company as it could prevent you from fully realizing your idea and profiting from the idea.
Cybersecurity breaches can have disastrous consequences for a business. Luckily, there are steps you can take to reduce your risk of an attack. Contact us at Savant Solutions to learn about how we can help protect your company.