No risk can be mitigated with 100% certainty. But what if we told you that one risk is responsible for putting 60% of businesses that encounter it out of business?
Any idea what this risk might be? Yes, you guessed it, it’s the risk of a cyberattack.
While we most frequently hear about security breaches at large companies like Uber or Netflix, it’s actually small and medium-sized businesses that frequently fall prey to cybercrime.
Research conducted by the National Cyber Security Alliance found that:
- About half of small businesses have experienced a cyberattack.
- More than 70% of attacks are targeted at small businesses.
- As much as 60% of hacked small and medium-sized businesses go out of business after just six months.
According to the experts, cybercrime will affect your business. But if you have the attitude that your enterprise is safe, you’re heading for trouble. Aside from the obvious loss of income, the harm caused to a brand’s reputation can be more damaging and long-lasting than the hack itself.
If you don’t want to deal with the reputational damage that accompanies downtime or a data breach, then you should make cybersecurity a top priority. Below, we explain exactly why it is so important:
Develop a cyber resilience strategy: Organisations must have a resilient incident response plan in place to minimise damage after a breach. A great way to guard your business against these threats is to learn from those that have been targeted in the past. What were their vulnerabilities? Where did they fall short? How can you use these incidents to improve your resilience? This means developing a crisis management plan and establishing a cyber resilience team.
Understand the consequences of cybercrime: There are usually two types of cyberattacks: data breaches and sabotage. While the motivation behind each may differ, the results are the same – commercial losses and public relations nightmares, disruption of operations and even the expense of paying a ransom to restore data. The more you know about the consequences, the more likely your organisation will be to bolster your cybersecurity efforts to minimise the risks.
Keep your customers safe: When one considers just how much sensitive information a business might have about its customers, a breach could have far-reaching and disastrous consequences. When a company experiences a security breach, customers start having doubts about how seriously the business is about the protection of its data. This may cause them to take their business elsewhere.
Countering cyber risk: There is no shortage of advice available to help organisations assess risks and develop suitable cybersecurity strategies to mitigate threats. Establishing an information risk management regime, considering malware protection, following recognised network design principles and developing removable media policies are all essential steps in the cybersecurity process.
Cybercrime is one of the biggest threats facing businesses in the modern era. All businesses have to be prepared. At IS, our cybersecurity solutions are designed to help you detect potential threats, defend yourself against security breaches, and respond quickly when they occur. For businesses that are uncertain about outsourcing their cybersecurity needs, our Inhouse vs Outsourcing Fact Sheet has all the information you need. Download it here