Greg Watson
All businesses are at risk of cybercrime. You don't have to be a large-sized business to suffer at the hands of internet criminals. Over a third of all cyber attacks are experienced by SMBs so there is a good chance that at sometime, someone will fix their attention on your business. Here are 4 reasons why you need to be prepared:
Inevitably, a cyber attack will need to be dealt with promptly. If security has been breached then your business will need to shut down while the issue is addressed and this means loss of service and a loss of income. Communicating with staff during this time can be time consuming, especially if they are working remotely or cannot access information.
Your business relies on its' reputation. It takes years for a company to build up public confidence and a history of good service. Once lost it can be incredibly hard to gain back the good will of others. The effect of a cyber attack on your business can mean that customers lose their trust in you. Ultimately this can result in the cancelling of hard won orders and contracts that customers may be reluctant to renew.
Your security is as important to your customers as it is to you. If a cyber attack occurs in your business and does so because you did not put effective security in place, it could render important information about a customer insecure. This leaves you open to legal action, which can be damaging to your finances as well as your reputation.
Particular types of cybercrime can result in financial information being stolen, meaning that money can be stolen from your business, or from your customers' business. Loss of assets can have a devastating effect on your cashflow in the short term, and if customers are affected, will lead to legal action too.
