Cyber Security is a technology or procedure that aims to protect your business systems, networks from digital attacks. These attacks are aimed at gaining access to restricted sensitive information and controlling it. They can then use it to extort money or interrupt your business operation.
Some common cyber attacks on businesses:
Data breaches: hackers are constantly finding ways to gain access to a company’s sensitive information. These breaches can happen when proper security measures are not implemented. This can lead to the loss of customer data, financial loss as well as the damage to the company’s reputation.
Ransomware: a type of malware that encrypts the company’s data and uses it to extort money from the company. Companies may be forced to pay in order to regain access to their data as the loss of the data can lead to an even greater financial loss.
Phishing: a social engineering method that spoof email or text and make the target believe that they are legitimate. This method aims to trick the target into giving away sensitive information.
Potential damages cyber attacks has on business:
Operation Disruption: cyber attacks can cause disruption to the company operation. This may hinder the company’s ability to deliver their services as well as fulfilling any contractual obligations they may have.
Financial Damage: the attacker can drain the corporate bank account after gaining access to them. In the case of a ransomware attack, the company may need to payout the extortion fee.
Reputation Damage: With the leak of the customer’s sensitive information. The customer will lose their trust in the company. This will in turn lead to the loss of customers and sales.
The importance of cyber security in business cannot be understated, as businesses increasingly rely on using technology in their workplace, they also become more susceptible to cyber attacks. It is extremely important to have proper security measures in place for your business. Otherwise, it may cause huge consequences that are difficult to recover from.
