ransomware security

Reasons Why Businesses Should Intensify Their Cybersecurity Measures

Just as we are enjoying the benefits of modern technology that we have today, we are also faced with problems that come with it. The commission of cybercrimes is truly mind-boggling. Accordingly, there is an incidence of a hacker attack every 39 seconds, and 43% of these attacks targeted small businesses. It is also noted that 77% of organizations do not have a Cybersecurity Incident Response Plan.

Obviously, the primary reason why small businesses are the target of cyberattacks is their lack of efficient cybersecurity measures. While some businesses employ professionals to work on their security concerns, they are not properly trained in the latest developments in cybersecurity.

Honestly, every business, for that matter, should hire the best cybersecurity experts. This is to save them from massive losses in the future. Measures should be consistent as any deviation of focus can mean losses from cybercrimes can include the following.

 

Financial Costs

Once your credit card details or bank information is hacked, you can lose all your money in the bank at an instant. In 2018, there were 3 million reported cases of identity theft, which cost about $1.48 billion in losses. Of course, no one wants to work hard to see all his savings evaporate into thin air just because your deposits can be transferred to another account at the flip of the finger.

Economic Costs

Once your business is victimized by hackers, your operations and transactions may be disrupted for a while, which can mean losses to your business. You will also need to spend on repairs on damaged devices. Some hackers specifically target theft of intellectual properties, which can mean significant losses to victims.

Regulatory Cost

While you may be the victim of a cyberattack, your company can suffer from regulatory charges as a result of cybercrime.

Reputational Cost

securityWhen your operation is disrupted even for a few days, this means that you were not able to satisfy customers for that time, your devices were down after a cyberattack. You may be able to lose the trust of customers when you are a victim of personality theft. Hackers are not only after for your money, but many are there to destroy the reputation of others who are maybe their competitors.

Indeed, cybersecurity is an issue of this present generation that should not be taken for granted.…