Hacked Business: Consequences

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When your business is hacked, it affects not only information related to the company but also your clients’ information. For a business owner, situations like these can have gravely negative consequences. The hacker could gain full access to your business’s bookkeeping, which could be disastrous.

A small business owner may think, “I run a small business, who would hack me?!” Regrettably, you’re mistaken. Smaller businesses are more prone to hackers and security threats than larger businesses. 

Marketing is another area that can deeply hurt your business if your website is hacked. If you receive malicious codes on your website, it will intensely influence your search rankings. Search engines like Google bring your website up, not just for links and content, but also if that particular website is secure. If your website is compromised, you will find a deflation of your domain until it is cleaned up.

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The Major Consequences for a Business that Has Been Hacked

Loss in Sales

Experiencing a security breach can lead to a substantial loss in sales for your business. The rapid spread of negative information, facilitated by the speed of digital communication, can deter the public from engaging with your business, impacting your revenue. When your website is hacked, potential customers may lose trust and choose to avoid your business altogether. The consequences of a hacked website extend beyond the breach itself, affecting your sales and overall market reputation.

Reputation can be Damaged.

Once your business website is hacked, getting your good reputation back can be a challenge. It is extremely hard to win consumer trust in the first place, and rebuilding it is even harder. The best you can do is spend hours and hours on public relations, marketing, and reputation management.

Costs from Compensation

Once you know your business website has been compromised, you must win back your clients and consumers. You may need to compensate your clients by offering identity theft insurance and free credit monitoring. These services may be free for your clients, but they are a lot more than free for you.

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Legal Action

Unfortunately, lawsuits are routine nowadays. Whether you win or lose, legal action expenditures can be quite huge. If the breach happened because your company made mistakes, it’s probably safe to assume that the law will not stand on your side.


Here’s some good news for you. If an individual’s credit card is used fraudulently, they are not required to foot the bill. The bank will do the refund. And, now, the bad news. You will be passed on those charges by the bank as a fine.

Audits by the Government

Irrespective of the country you are doing business in, if it is large enough, there is a big possibility that the country’s government organization (in our case, the Federal Trade Commission of the United States of America) will come knocking at your door to perform an audit. There may even be a chance that they decide to impose a fine on your company if they find non-compliance to guidelines like PCI DSS (Payment Card Industry Data Security Standard).

Costs for Remediation

The aftermath of a security breach involves more than just the immediate consequences. Beyond external repercussions, businesses are burdened with internal remediation costs. These include expenses associated with investigating the breach, enhancing the overall security posture, and addressing vulnerabilities. Furthermore, there are costs related to the potential need for personnel changes, such as terminating and hiring employees to strengthen the organization’s security framework. The comprehensive nature of remediation costs encompasses all necessary steps to rectify and fortify the internal information security environment, creating a multifaceted financial burden for the affected business.

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With such dire consequences like these, you can see how easily the costs mount up when a business is hacked. Most companies find recovering from not complying with the PCI DSS Standards difficult. The best you can do is ensure that you follow the rules and regulations of your area and initiate security standards in your company.

Cubicle to Cloud virtual businessAbout Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.LastPass – Family or Org Password Vault