It has become more important than ever to protect your business data; this is due to their being more risks than ever before. Here at Superfast IT we’ve been helping our clients with their cyber security for over 15 years. We know the most common threats and the damages they can cause to your business. By being aware of the potential risks, you can start to put plans in place on how to mitigate these risks.
1. Leakage of sensitive company information
Would you want your business data out in the open? If a cybercriminal gets hold of your data, they can release private information into the public domain or even sell it for a profit. This data often includes personal information of employees such as addresses and banking information.
2. Malware infection
Malware is an umbrella term for things such as viruses, trojan horses and ransomware. All of these can bring massive disruption to your business. Sometimes your business will never recover from malware infection. Malware is designed to harvest things such as financial and business information.
3. Attacks on your customers (using your systems)
Quite often once an attack takes place, your systems will be used to spread the attack further. The chances are if your systems get used for an attack it will be passed onto your customers. This then comes with its only complications such as reputational damage (point 6).
4. Damage or defacement of company resources (such as your website)
Cyber-attacks on average go undiscovered for 41 days. The attackers can often make background changes without you realising and make them live whenever they want. Hackers can deface your company website giving you a bad image.
5. Legal and regulatory sanction (such as GDPR fines)
From May 2018 you must make sure you’re compliant with GDPR regulations. If your data is breached, you’ll have to report it to the correct governing bodies. An investigation will be launched to make sure you’re protecting your information correctly. If shortcomings are found in your defences, you could be fined up to 4% of your annual turnover.
6. Reputational damage
62% of the small to medium-sized business that are hacked got out of business within six months. Quite often this down to the harm to the businesses’ reputation. Word can quickly get around that you don’t have the correct security measures in place. Not only can it put new businesses off working with you, but existing clients can also take their business elsewhere.
7. Financial loss through fraud
The main thing that cyber criminals want is your money. One of the most usual ways they target your money is through fraud. Social engineering is used to allow cyber criminals to pose as yourself. Information can be taken from your work accounts or even your social media. Everybody has something of value to a hacker.
8. Unauthorised changes to your systems
Changes to your system can leave an open gate on your network. These changes mean that hackers can come in and out of your network whenever they like. They can also make changes to your systems such as staff and financial information.
9. Business disruption
How much would one hour of downtime cost you? How about a day, a week a whole month? Cyber attacks are designed to bring your business to a standstill. This disruption, of course, costs you time and money and could even put you out of business altogether.
10. Loss of data
When was the last time you took a backup of your data? Without regular backups, a cyber attack can easily see months’ worth of data wiped out in an instant. Losing critical data could, in turn, could cost your business money and also have long-lasting reputational damage.
It’s actually a good thing to be worried about your business cyber security. It’s an ever-changing landscape and it’s important to stay on top of it. Want to know more about business cyber security? Fill out the form below and we’ll be in touch. You can also check out cyber security services page.