[BreachExchange] How cyberattacks can cost your business if you’re not protected

[Audrey McNeil]

http://www.bizjournals.com/sanantonio/news/2017/03/20/
how-cyberattacks-can-cost-your-business-if-you-re.html

Technology plays a critical role in everyday life and is a part of
everything we do — from the way we socialize to the way we conduct
business. As we progress and move forward, so does technology,
unfortunately, leaving us vulnerable to potential cyber risks.

Hackers have become some of the most dangerous criminals in the business
world. You can’t see them and you don’t know where they’re located, but
they manage to access “secure” networks, steal sensitive data, and
interrupt monetary transactions. Both large and small businesses are on
their radar, too. No matter the size of a company, a cyberattack can cause
an exponential amount of damage to a business, and for some businesses, it
can be almost impossible for some to recover.

As a business owner, you must be informed on the ways a cyberbreach may
occur. The attack can occur two ways – through data theft or by digital
vandalism. The type of data a hacker may steal includes financial
information, customer accounts, transaction records, and more.

If hackers gain access to these files, they could sell the information or
steal your customers’ funds. Some businesses or individuals become victims
of phishing, which involves tricking someone into disclosing sensitive
information like passwords or credit card numbers by posing as a reputable
business.

It’s important to be diligent and put processes in place to help you avoid
cyberattacks. Here are four ways that cyber crime can threaten and damage
your business:

1. You can lose business

If you’ve been subject to a cyberbreach, you’ll normally need to suspend
electronic transactions until the origin of the attack has been identified
and corrected, which could take several days. During your shutdown, you’ll
likely lose business, since you’re unable to fulfill orders and accept
payments through your electronic process.

2. You can lose company assets

If cybercriminals gain access to your business’ account numbers and
passwords, they could access funds directly from your accounts.
Unfortunately, banks don’t always cover the losses, so you may not even
have working capital after the breach. Take effective measures to protect
your information.

3. You can suffer damage to your reputation

A cyberattack that compromises customer records can damage a company’s
reputation. Customers may not trust using their credit or debit cards to
pay for goods or services and they may not share their personal information
on your company’s website to place orders or provide personal information.
In fact, knowing that your company has been hacked and that you could be
inundated with malicious links can make customers shy away from your
website altogether. It could take a significant period of time to regain a
customer’s trust.

4. You can be open to litigation

If your company has not implemented processes to protect your customers’
information, you could legally be considered at fault for a data breach. A
federal judge ruled that Target played a “key role” in the infamous breach
that occurred in 2013, giving the plaintiffs in the case — several large
banks suing for damages — the ability to proceed with their lawsuit. It’s
critical to put security measures in place to ensure your business is
protected from litigation in the event that you suffer a cyber breach.

Cyberattacks are on the rise. In 2015, more than 430 million unique pieces
of malware were discovered and each year the number rises. Protecting your
business has never been more critical. Take a proactive approach to cyber
security by doing a thorough review of your current computer systems and
employee training process. Make sure you have protective software and
firewalls installed, your networks are encrypted, and your employees are
properly trained on how to securely process customer transactions.
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