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The Effect of Cyber Attacks on Business and How to Prevent Them

Technology is benefiting businesses in incredible ways, but bringing yours into the digital space comes at a cost that is seldom given as much thought as it should.  This comes in the form of cybercrime, which is affecting an increasing number of businesses with the proliferation of data storage and technological advances.

It’s a disconcerting reality, but there are some effective solutions that will help you avoid being a victim of a cyber-attack. Before we take a look at the crucial preventative measures a business should take to prevent cybercrime, let’s highlight the importance of implementing these measures by taking a look at how cybercrime affects businesses.

Substantial Financial Loss

A cyber-attack can result in some serious financial damage. This arises from the theft of money, corporate information and sensitive financial information, such as credit card and bank details. Cyber-attacks can also result in an inability to carry out transactions while your business recovers, which means you’ll lose crucial trading time.

Additionally, the cost of repairing your affected systems, such as devices and networks, can be substantial. But these aren’t the only expenses.

Legal Consequences

Failure to comply with privacy and data protection laws, whether accidentally or deliberately, can result in your business paying hefty fines and facing regulatory sanctions. There may also be the cost associated with implementing the necessary security measures to comply with local laws.

Brand Damage

When your business falls victim to a cyber-attack, your customers and employees will lose trust in your ability to keep their personal information safe. This of course will result in the loss of sales. It may also affect your relationships with important suppliers, investors and partners who are vested in your business.

Preventing Cyber Attacks on Your Business

The above reasons are compelling enough for any business to ensure that they implement the necessary measures to avoid falling victim to a cyber-attack. According to Fraud Watch International, around 95% of cybersecurity breaches are because of human error, so it would be wise to start by implementing a security awareness training program.

If your employees are equipped with the knowledge and skills that are necessary to detect cyber-attacks, it will go a long way in keeping your business safe. There are additional measures that every business should take to protect their data. This includes routine checks for updates for the software your company uses.

You can also use anti-virus software and Security Event and Incident Monitoring (SEIM) software to detect any anomalies that may indicate an imminent attack. It would be wise to reduce the amount of access your employees have to sensitive data to a bare minimum, as this will reduce the chances of human error resulting in a cyber-attack.

Finally, be sure to protect your hardware as well. In the event that a company device is stolen, you should be able to track it and prevent the thief from accessing the device by using strong passwords, encryption and two-factor authentication. Implementing these methods is key to the survival of your business, so be sure to make the investment as soon as possible.

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