If you dig a bit deeper into technology and its daily data, you will come to know that almost 300,000 malware threats are released regularly. Moreover, studies have revealed that a cyberattack takes place every 40 seconds.
All of this leads to the rising need of a powerful data protection plan. Cybersecurity is no longer an additional feature; it is mandatory. It is and must be, the top priority for any business, whether small or large.
If you compromise assessment on cybersecurity measures, you are setting your business up for failure. How? The consequences of poor cybersecurity aren’t pretty. A single, powerful cyberattack, is all it takes to turn things ugly for your organization.
Here is how:
1. Loss of Data:
The biggest concern for all companies is the security of their data. And not only their company’s data; it contains their customers’ data as well. Once the cybercriminals make their way into your network, they can either steal your data or corrupt it, causing a lot of damage to your company.
Losing data can be disastrous, especially if you have no data backup. Even if you do, the attacker gets access to your customers personal data which can be misused anytime. This puts your company’s reputation at risk and your customers tend to backoff, as you are no longer considered as a “safe” option for them. Thus, poor security is not all about data loss; it circulates to larger concerns.
Once you are attacked by a cybercriminal, you cannot function as you regularly do. Until and unless you solve the issue and your network is clean of all possible malware; you cannot put your data at further risk. This leads to massive downtime which further leads to loss in business. It can put your clients off as you won’t be able to manage deadlines and cause production hurdles.
3. Damaging for the Repute:
As mentioned above, poor cybersecurity tends to damage your business reputation. Once attacked, your company can face extreme financial barriers too. Moreover, as your customer database doesn’t remain secure, the consumers might worry about investing their trust in you, all over again. This leads to poor reputation in the market which is definitely the last thing any business would want. If you are not putting in the required efforts, to protect consumer data, you are definitely setting your business up for failure.
4. Non Compliance Fines:
GDPR and HIPAA are responsible for setting the data protection standards. If you are found violating the compliance laws or not fulfill the standard regulations; you can be fined by the authorities. The penalty depends on the severity of the violation and is determined by the legal authority itself. Therefore, it is important that you understand the regulations of the governing bodies before you set data protection measures for your company.
THE BOTTOM LINE:
There are various ways to enhance your business cybersecurity. And you must make all efforts to invest in it fully.
There are different elements, essential for success and high business security is one of them. The impact of poor cybersecurity management is not easily manageable. It is not favorable for your business in the long run and can result in extreme loss. It is not wrong to say that you set your business up for failure by compromising on the security.
Thus, assess your cybersecurity and take the required measures to uplift it, in all ways possible. If you are a small business, you can take manageable steps. And if you are a large enterprise, you must invest in a security infrastructure.