What a Cyber Crime Incident Could Mean For Your Business

young hacker with hood and binary code
Unarguably, no organization is immune to cyber crime. Cyber criminals and online predators are implementing sneaky ways to steal sensitive data from individuals and companies, causing them to lose billions of dollars each year. Cyber crime, in SMEs, often goes unnoticed since they lack a mechanism to estimate the actual loss. The incidents that are detected 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 in 2017. This is expected to further increase by 9% in 2018. The vast explosion in the cyber crime rate bears testimony to the fact that cyber security is a topmost concern for individuals and businesses.

Enhancing Cyber Security is a Must

The truth is, no one wants to be hurt financially or emotionally. Cyber crime 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, cyber security is a $90 billion dollar industry and veterans believe it will double in the next three years. Businesses are more inclined towards improving their cyber security. The increased awareness is what is encouraging them to secure their systems and networks. Enhancing security protocols doesn’t have to be that difficult because big IT houses have developed strong business infrastructures to help businesses create robust security layers to ensure 100% cyber security.

Losing the Competitive Edge

One thing is very clear, cyber crime can be a big blow to businesses looking to expand and grow their business operations. Obviously, 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 cyber security challenges in the cyber world are creating a lot of troubles for the entire business community. Long story short, cyber crime incidents revolve around a competitive advantage. Those who successfully prevent cyber security threats are able to maintain their business advantage over their competitors.

Financial Disruptions

Moreover, cyber crime incidents can break your business apart into pieces. A big financial blow instantly disrupts your working capital, which further damages your business’s image and reputation. SMEs are under assault from cyber criminals like never before. They have now come up with cunning ways to steal important data that will lead them to acquisition of money, perhaps on the dark web. Safeguarding your digital assets such as your website, database management system, networks, servers, and other network assets are extremely important for ensuring your cyber security.

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’s more?

Business vulnerabilities, plus little or no cyber security, encourage cyber criminals to partake in criminal activities. The data that is stolen from the system, servers, or networks is 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, cyber criminals will maximize the amount of extortion money with little or no bargaining. In order to prevent cyber criminals from breaking into your systems and networks, you need to elevate the level of cyber ecurity and enhance your network security protocols for minimizing cyber crime.

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