Unarguably, no organization is immune to cybercrime. Cybercriminals and online predators are implementing sneaky ways to steal sensitive data from individuals and companies, causing them to lose billions of dollars each year.
Cybercrime, in SMEs, often goes unnoticed since they lack a mechanism to estimate the actual loss. The detected incidents have no significant outcomes as those who lose money lack the channels to recover their losses. The number of US data breaches hit an all-time high of 1150 last year. This number is expected to increase by 9% this year.
The vast explosion in the cybercrime rate bears testimony that cybersecurity is a topmost concern for individuals and businesses.
Enhancing Cybersecurity is a Must
The truth is no one wants to be hurt financially or emotionally. Cybercrime can lead to disastrous outcomes. It may cost loss of jobs, a compromise of privacy, mental traumas, and emotional distress. It very well may be the number one reason for financial insecurity.
Today, cybersecurity is a $90 billion industry, and veterans believe it will double in the next three years. Businesses are more inclined towards improving their cybersecurity. The increased awareness is what is encouraging them to secure their systems and networks.
Enhancing security protocols does not have to be that difficult because big IT houses have developed strong business infrastructures to help businesses create robust security layers to ensure 100% cybersecurity.
Losing the Competitive Edge
One thing is clear; cybercrime can be a big blow to businesses looking to expand and grow their business operations. When businesses are unable to meet their targets and long-term strategic goals, problems start to arise.
Dealing with such challenges is never easy, especially when you have a slight advantage over your competitors. The ever-intensifying cybersecurity challenges in the cyber world create a lot of trouble for the entire business community.
Long story short, cybercrime incidents revolve around a competitive advantage. Those who successfully prevent cybersecurity threats can maintain their business advantage over their competitors.
Financial Disruptions
Moreover, cybercrime incidents can break your business apart into pieces. A big financial blow instantly disrupts your working capital, further damaging your business’s image and reputation. SMEs are under assault from cybercriminals like never before.
They have now come up with cunning ways to steal important data that will lead them to acquire money, perhaps on the dark web. Safeguarding your digital assets such as your website, database management system, networks, servers, and other network assets is extremely important for ensuring your cybersecurity.
What Cyber Attackers Steal from You
Cyber attackers will try to exploit individuals and companies as much as they possibly can. They will go to any extreme and take radical measures to hurt you and your business financially.
They usually target personal and business databases and look for valuable intellectual property that would lead them to gain money. The stolen data and information of employees, customers, partners, vendor details, personal bookkeeping, accounting records, and stakeholder details can further be exploited for identity theft and fraud.
What is more?
Business vulnerabilities, plus little or no cybersecurity, encourage cybercriminals to partake in criminal activities. The data that is stolen from the system, servers, or networks are held for ransom.
Often, the original owners must pay extortion money to get it back, or the data can be sold on the dark web or to competitors for money. Since the sole motivation behind hacking is money, cybercriminals will maximize the amount of extortion money with little or no bargaining.
To prevent cybercriminals from breaking into your systems and networks, you need to elevate the level of cybersecurity and enhance your network security protocols to minimize cybercrime.
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