Understanding the Risks Businesses Face in the Cybersecurity Sphere

Understanding the Cybersecurity Risks Businesses Face

Since the early ‘90s, when the internet came to be, there have been hackers and malware that plague the online environment. Luckily, there are also cybersecurity companies such as CYFIRMA that have expended a considerable amount of time and expertise to perfect security measures that improve safety and prevent the harm caused by various cyberattacks and malicious actors.

However, it’s not just up to security firms like CYFIRMA to be aware of the risks that businesses face. In the current digital marketplace, any entrepreneur worth their salt knows that they need to understand and implement various measures to protect themselves from cyberattacks. Working with companies such as CYFIRMA allows them to let go of the constant nagging worry that there’s a security breach in their system, or the immediate future.

While everyone understands that cyberattacks are to be prevented, it’s also a good idea to understand the damage that these attacks can cause to your business. In this manner, you’ll be able to better grasp the importance of having the right cybersecurity measures in place:

Loss of Credibility

With any business, their credibility is as good as the consumer’s trust in them. It’s not a tangible thing but it relies a lot on the quality of the services, customer experience and customer satisfaction. Good credibility breeds consumer interest, brand loyalty and secures future growth and sales.

With a cyberattack, your credibility is seriously damaged, and it will drive consumers away. No one wants to work with a business where their personal details or sensitive data may be seriously and irreparably compromised. In many cases, small businesses that face the loss of credibility often have to close up shop since they are unable to recover from this killer blow.

Threat of Extortion

Another factor that you might experience when your cybersecurity is at risk is the threat of extortion. In this case, hackers will promise to give you back your sensitive data or to delete it, if you pay them a ransom for it. The most famous case for this happens to be the issue with HBO. Hackers were able to steal 1TB of HBO’s data which included various, unreleased episodes from their TV series including Game of Thrones. The hackers asked for a large ransom otherwise threatened to release the series.

While HBO stood firm and refused to accede to the ransom demand, other businesses did not have the luxury to do so. Uber was under fire in 2017 when it was found out that they suffered a cyberattack and paid $100,000 in ransom to have the hackers reverse the damage.

Financial Difficulty

As previously mentioned, many small to mid-sized businesses are unable to recover from the loss that comes with a cyberattack. It can take years to rebuild credibility and consumer trust and often times; businesses do have to close up shop. Additionally, with a new business, there is not a lot of financial freedom and these attacks can cripple its infrastructure in an irreparable way.

In this case, it is better to work with cybersecurity companies like CYFIRMA right from the start. By doing so, you’re keeping malicious intents at bay and giving your business a solid chance to succeed.

Researcher and Content Writer at e-Syndicate Network. A constant learner. Learning and growing every day. Salman has over 5 years of experience in the fields of Digital Marketing, Content Writing, Brand and Business Development.