The lack of focus on cybersecurity can lead to consequences and significant damage within any corporation. No matter what industry you’re in, your business will have to comply with certain digital regulations and requirements. With the world shifting toward digital communications and storage, it is inevitable for companies and businesses to follow this trend. Unfortunately, it comes with great consequences if the right cybersecurity measures are not set in place. This is how cybersecurity incidents can impact businesses and enterprises.
A cybersecurity incident can leave multiple consequences, from financial loss to serious reputation and infrastructure damage. The financial aspect of the issue can be looked at from different perspectives. For example, a cybersecurity attack can cause direct economic loss through bank information breaches and exploitation of financial resources. The economic cost of the attack itself can be devastating for both small and big businesses. Affected systems can malfunction or become locked due to a security incident, which will require more money from the company’s budget.
Besides the financial consequence of the issue, another significant consequence would be the loss of data. Companies that store users’ data can get into serious legal issues if consumers’ data is lost or compromised. Complications such as these can set a business back for years. No wonder why most small corporations go out of business within six months after a cybersecurity incident.
Incidents like these can also have a damaging effect on the company’s reputation. The word about security incidents gets around quickly, which can cost your business money and customers. People are less likely to trust a business that’s gone through this kind of an issue because they don’t want to risk their own personal data. Therefore, a cybersecurity attack can impact businesses on different levels and dimensions, including the financial aspect, the reputation, and the legal aspect.
The most effective way to prevent a disaster like this is to set up a cybersecurity team and hold cybersecurity meetings at least two times per month. Educate your employees to recognize security threats and refer to the NIST framework for the basic safety and prevention measures.
It is also recommended to encourage the use of a VPN within the company’s network to further encrypt all data and devices connected to your business. Besides implementing a variety of security measures, keeping your team on the same page when it comes to online security is the most important part of the process. After all, human error is by far the most common reason why these incidents take place.
Whether you’re an employee or the CEO of the company, you’re doing the right thing by informing yourself about the importance of cybersecurity in today’s digital world. Take a step forward in your enterprise and start taking action toward securing the company’s data and assets. Suggest your colleagues to learn more about cybersecurity and protect their personal devices as well. Don’t forget to look into the NIST framework for professional cybersecurity guidance.