What Are the Effects of Cyber Attacks on Businesses?
As the world turns digital and the number of online transactions is increasing, we can expect to see a rise in business cyber attacks. Cybersecurity Ventures estimates that cybercrime will cost organizations $6 trillion annually by 2021.
Cybercriminals are coming up with more and more sophisticated ways to identify loopholes and breach systems.
But, what are the effects of a cyber attack on your business?
Let’s find out!
You Can Lose Valuable Customer Information
Ransomware is one of the most common types of cyberattacks. Hackers encrypt a company’s file and require a ransom to restore access to the data. Uber, for example, was forced to pay $100,000 to hackers after they’ve stolen the information of over 57 million riders and drivers.
Ransomware is not the only way a cyberattack can affect your business. Some malware, for example, can overwrite or completely delete your data, potentially costing your company millions of dollars.
Stolen Data Can Affect Your Customers and Destroy Your Reputation
Small businesses wrongly assume that cybercriminals only target high-profile companies. But, you don’t have to be a billion dollars organization for an attacker to benefit from your data. Most cyber-attacks are minor and target personal information for identity theft. They could, for example, steal the financial data a customer provided to you and use it for illegal purchases. This attack will not only affect your business but your clients too since they might lose all their savings or even face legal consequences.
Cyber Attacks Cause Business Disruption
When it comes to cyberattacks, data theft is not the only threat. According to one research, business disruption is considered to be one of the biggest perils of a cyber hack.
For example, a DDoS attack can make a website or online service network unavailable in just a matter of minutes. Operation Payback is a renowned example of a DDoS attack that targeted a big organization (PayPal) and that cost the company over $3.5 million.
Over to You
Hackers often plan these attacks by exploiting vulnerabilities, such as unsecured connected devices, the employees’ lack of knowledge to identify and prevent cybercrime, and so on. That’s why you need a trusted partner who can protect your business from increasing cyber threats.
Here at West County Computers, we can offer you the data protection you need. We have the technology, expertise, and passion to support your cybersecurity needs without driving your costs.
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