Cybersecurity should be a top priority for any business operating in this digital day and age. Private information is stored across vast networks, between businesses and financial institutions, between businesses and their customers, and between businesses and their employees. This means those businesses have a duty to keep that information secure from cyber attacks, and criminals seeking to use that information for their own purposes.
1- Customer Privacy
When customers provide their information to a company, they do so with the idea that information will be securely stored and processed, for current and future dealings. They may not only provide their basic information, such as name, address, email address, and phone number, but also confidential financial and identification information, such as social security number, credit card number, and even bank account number. If this information is hacked and falls into the wrong hands, it can be used to ruin the customer’s financial and even personal reputation.
2- Employee Privacy
Employees also rely on the company they work for to provide secure ways to store their sensitive information. They are required to give up their basic and confidential information in order to receive employment, wages, and benefits. The information they provide, if stolen, could be used to steal their money, sign up for services under their name, and even commit further crimes with their identities.
3- Business Operations
A major data breach can slow a business’s operations down to a crawl, or halt them altogether. It can take weeks or even months to repair the damage caused by viruses, spyware, or ransomware. Depending on the size of the network that is attacked, multiple business locations can be targeted, and operations at all these locations affected.
4- Business Reputation
A business that has been the victim of a data breach or other cyber attack can quickly find its reputation among customers, employees, and even the general public, taking a steep decline. People will wonder if the business didn’t provide enough cybersecurity from the beginning, and if they will fail to provide enough in the future. They may also start to consider if there are other areas that the business is lacking in, and will they truly fix the issues that caused the attack in the first place. Many businesses that suffer from cyber attacks will try to downplay the severity of them or try to keep them from becoming known to the public altogether. This refusal to share information can also hurt their reputation, and cause trust in the business to steeply decline.
5- Financial Impact
A cyber attack can have a long-lasting financial impact on a business. Not only can it slow operations down so that new money can’t be made for a short or extended time period, it can also cost a lot of money just to rebound from the initial situation. Affected computers often need to be replaced if they cannot be cleaned of all viruses and detrimental files and coding. New cybersecurity measures need to be implemented across the entire business network to keep the chances of a cyber attack happening again down to slim to none. Employees need to be trained on proper security practices and processes in case of future attacks. Management needs to be trained on best practices and practical applications, so they can provide supervision as well as education as needed to those working beneath them.
6- Business Future
A cyber attack can directly impact the future of a business. The loss of customers, employees, time, money, and reputation, can determine if a business will be able to continue on over time, or if it will be forced to shut down. Unless they want to gamble with their future, businesses need to prioritize how they are protecting their network and the information stored on it.
