Businesses of all sizes are taking note that cyber threats are continually on the rise. No one is safe. In our digital world, you simply can’t be too cautious when it comes to safeguarding your data. The latter is true regardless of whether your business employs 200,000 or 10 employees. Cyber criminals have no boundaries. They only want to profit off of your information. That goes for bigger companies, governments, as well as small enterprises.
The national government is also quite aware of the financial hazard and the need for cyber security policies. In reality, they have started the process of introducing Notifiable Data Breach laws which require companies and associations to notify customers in danger of “unauthorised access” to personal and financial information.
How a breach in cyber security affect businesses
Data theft hurts the business bottom line in many forms. For starters, there is the immediate impact of getting your data breached. However, there is also the customer loyalty impact. It is hard to determine the future loss in sales when customers believe their information is not safe with your business. It can result in millions upon millions of dollars lost in the upcoming sales.
You can break down differences by size, but in today’s world, you can classify businesses into two categories –those that know they have a problem with cyber security and the ones that don’t. No organisation is 100 percent protected against a cyber attack. Every single company has vulnerabilities that hackers can find. Moreover, most hacks are not small scale operations that tech savvy misfits run in a basement.
Hackers today are sophisticated with access to the newest technology. We are talking big bucks here, and the more they make, the more they can improve their hacking methods and support systems. You need to wonder where some of this stolen data and money is going.
Some businesses may think they are safe just based on their size.They may ask, “Why me, when they can hack a behemoth like Apple or Sony?” The most dangerous type of thinking believes your business is too small for a hacker to target.
According to internet security reports published by reputable cyber security firms like “Paraflare“, 43 percent of phishing attacks target small businesses. Also, malware is becoming more sophisticated making it that much harder for startups to keep their data safe from hackers.
Now what is worse is that many smaller businesses fall victim to successful cyber attacks within the first six months of operation. Cybercriminals know that small businesses do not have the same types of funding and resources as larger corporations do to invest in cyber security strategies and hardware.
Imagine a burglar attempting to ascertain which house to rob. Many small businesses are just trying to get off the ground. They frequently don’t have an IT department or perhaps a cyber security expert on staff. Such deficiencies can jeopardise the company’s project longevity.
If your organisation has customer credit card data, you can be a viable target. Hackers can get through an unsecured wi-fi connection–especially if your employees work remotely. Hackers steal over $250 billion annually in intellectual property. Additionally, the growth of the web and mobile apps has only increased attacks.
Learn more about how you can keep your business safe online by checking out websites like https://www.paraflare.com/ . The more steps you take towards cyber security, the lesser the likelihood that hackers would target your business.