Are Cyberattacks the Worst Threat Your Organization Will Face in 2019?

4 Ways Cyber Attack Can Hinder Your Business

In light of the globally influential data breaches and malware attacks, Cybersecurity is a hot topic of discussion right now. In recent times, cybercriminals have grown smarter and are actively carrying out different forms of attacks backed by various motives. Previously, businesses had to worry about keeping their stakeholders happy by giving them favorable returns every fiscal year. They also had the normal business problems which have been around for decades. However, today, cybersecurity breaches have emerged as a primary issue which relates to every nature of business whether it is a large corporation or someone in the SME sector.

Companies do ensure their cybersecurity is intact and affect a handful of measures to prevent attacks from happening. But, this is the practical approach, one that is mostly about clearing the damage. The real question is how to prevent damage from happening in the first place. Most companies resort to encrypting their data- however, these techniques are not difficult for hackers to break.

On the other hand, a better approach is to be aware of an incoming attack. But, how do companies do that? Does any kind of cyber security intelligence even exist? It does. CYFIRMA, a company based in Japan and Singapore, specializes in this respective area. The company provides intelligence on potential cyber attacks to their clients by assessing the attack’s origin, motive, and methods. In today’s competitive age, organizations must fully comprehend the risk of an attack that could potentially disrupt their systems. This kind of intelligence is not easy to source; however, the payoff is definitely worth it. CYFIRMA’s Predictive, Relevant & Prioritized insights will help companies restructure their cybersecurity posture to plug exploitable vulnerabilities.

On the flip side, failure to be proactive can have adverse effects on the operations of a business. Potential concerns include:

  • Reputation damage – It is a bad situation and word of it can derail a business’ reputation. Most companies are required to secure their systems and failure to do so would look bad on them. Investor relations break, consumers start losing trust and unwittingly give away their data and passcodes to malicious actors intent on exploiting the situation. Tarnished reputation translates to a decrease in sales and ultimately profits.
  • Litigation – There can be legal proceedings as companies would be called into question regarding their cybersecurity All establishments are required to secure their systems up to PCI compliance and even then, if an attack happens, they would have to face lawsuits. Plus, customers can also file lawsuits on companies when they learn that their personal information was harvested by data mining hackers.
  • Monetary loss and budgeting – The biggest problem is allocating a budget to settle ransoms, followed by ramping up the existing cybersecurity Many companies who specialize in eradicating attacks charge a hefty amount for their services. Then, of course, comes the financial loss of having your entire network shut down. The loss of revenue is going to increase as long as the threat prevails.
  • Barriers imposed from foreign markets – In Europe, there are usually strong sanctions on companies that fail to meet the cybersecurity compliance standards passed in the continent. For a company, it can be difficult to enter a new market if their reputation has already been tarnished.

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