Source: https://pixabay.com/images/id-1923446/
Cyber security is far deeper than basic virus protection on your organization’s network. If businesses fail to invest in cyber security solutions and take proactive steps to thwart cyber attacks, the results could be disastrous.
Top 5 Impacts Companies Face After a Cyber Attack
If businesses fail to prioritize cyber security, falling victim to a cyber attack becomes not an if situation, but a when. Here are the top five impacts companies will face when a cyber event takes place within their organization’s network:
-
Risk of Lost Data
When malware infects a network, it can result in lost data. The extent of the lost data will be contingent upon the type of malware that has executed within the network. For example, ransomware can encrypt all or selective data within the network, and even be so targeted that it also encrypts backup files. This leaves organizations with two options: Pay the ransom demands to the cyber criminals, and hope they are able to restore their data with a decryption key, or attempt to restore what data they can from non-network sources.
-
Increased Down-Time
When a network is infected with malware, it is often taken offline. Before the integration of technology into various elements of business, like automation and robotics, this may have just impacted office workers. Now, cyber risks are associated with every piece of technology that is connected to the organization's network. This means production lines may be halted, innovation stops entirely, or entire departments are unable to complete their daily tasks, resulting in a significant amount of down-time for the organization.
-
Decreased Productivity
Along with the impacts of lost down-time, businesses will see a significant drop in employee productivity. This is not because employees will not work, but simply that they cannot. When networks are pulled offline, the ability to work as efficiently as normal becomes impossible. Departments may still be somewhat operational, but the workflows become interrupted when employees and departments cannot communicate as effectively as they could, if the networks were online.
-
Reputational Damages
Target was one of the first big stores to be hit with a data breach that was made public. Customers were outraged that this organization did not stop the threat, and customer data was compromised. Some swore they would never go back. When customers trust an organization with their personally identifiable information, it becomes that company's job to do everything in its power to keep it secure. If they actively choose not to do so by not investing in proper cyber security solutions, they are failing their customers.
-
Lost Revenues
It is difficult to project a firm number on the lost revenues after a cyber attack because there are so many variables. Not only should organizations consider the lost revenues from their inability to operate during their down-time, but also the lost productivity and actual down-time of the business itself. Furthermore, there are also additional expenses associated with replacing infected hardware, hiring IT consultants and cyber security experts to help remediate the issues, as well as the reputational damages organizations face.
Conclusion
The extent of consequences depends on the cyber attack itself – and given the emerging cyber threats – it can be quite significant. Whether it’s ransomware that wormed its way into a network, or a business email compromise (BEC) attack that scammed the business out of six-figures, the threats are everywhere. If organizations choose not to invest in proper cyber security solutions, they will become a victim – and, it could be the end of the business as you know it.
40% of all cyber attacks are targeting small businesses. Given 99% of the businesses in the United States are small businesses, it’s fair to say many American organizations have a target on their back. Now, let's dive deeper. Of those small businesses that are hit with a cyber attack, 60% of them will go out of business within six months after falling victim.
Instead of taking the “it won’t happen to me” stance, choose to be proactive. Take the following steps to mitigate your organization's risk of being the next statistic.
-
Update software and operating systems timely - This effectively closes any known security gaps found in software and operating systems that are exploited by cyber criminals.
-
Utilize multi-factor authentication, and require employee password updates quarterly - This bolsters the integrity of employee credentials, as often staffers repurpose passwords and passcodes for personal and professional use.
-
Train employees on current cyber security threats - This increases awareness of existing cyber threats and what red flags they should look for to prevent themselves from clicking on, or installing something malicious.
-
Implement a zero-trust architecture - The National Institute of Standards and Technology encourages all businesses to stop inherently trusting software and hardware to connect to and run on a business network, instead determine first what is to be trusted and only allow those applications and devices to connect.
-
Conduct timely data backups - This allows for faster restoration of business networks if and when a cyber attack does take place, without the risk of losing data.
|
| Author: |
| Jordan |
|
|
| Viewed: |
| 18 Views |
|
|
 |
 |
This Blog Has Been PowerShared™ Successfully! |
|
|
|
| Check Out All Of 's Blogs! |
| Comments: |
|
|
|
