Every business needs to ensure they prioritise cybersecurity. Cybersecurity is the protection of computers and data to make sure unauthorised users are not able to access them. Most businesses have some part of their operation in the digital world, meaning that a large amount of business and customer data is at risk of being lost, stolen, or corrupted if a cybercriminal can penetrate the network.

A cyberattack can happen to businesses of any size, at any time. It can lead to a business’s downfall, so even if you have never been the victim of a cyberattack and/or are convinced that your security is adequate, there is no room for complacency. You do not want to take avoidable risks with your business’ future, so it is vital to ensure that you have the best possible security system in place. This article highlights the main reasons why it is so important to improve your IT security systems.

Types of Cyber Attack

There are numerous ways that a hacker can access a business’s network. They may try to attack a third-party cloud storage system, a website, computers or mobile devices, or an IT network. These attacks can take many forms, including phishing, malware, ransomware, viruses, trojan horses, password decryption, etc., and more are being developed every day.
Find out more about types of a cyberattack.

Consequences of a Cybersecurity Breach

Unfortunately, a cyberattack can have severe consequences for every size and type of business, and often the impact is irreversible. The following are the potential risks businesses may have to face if they do not prioritize cybersecurity with a complete security solution such as those offered by McAfee.com.

Damaged reputation

Modern consumers understand how vulnerable they are should their personal or financial data fall into the wrong hands. For this reason, trust is vital. If your data is breached or customers are in any doubt about the security of your company’s data storage, they may choose not to use your service or buy a product again. The reputational damage can lead to a loss of existing customers and may make it difficult to gain the trust of new customers.

Financial losses

If a cybercriminal manages to access your network, they can use the data they find in several ways. They may sell data to another party, use it for financial gain, or hold the data to ransom and demand money from the company.

While the largest businesses may be able to recover from such an attack, small and medium-sized businesses often cannot recover from the financial impact of a cyberattack.

Impact on the internal team

In the aftermath of a cyberattack, questions need to be asked, lessons need to be learnt, and some people will need to be held responsible. This may include management who oversaw cybersecurity and/or employees who were negligent, which means internal disciplinary action may need to be taken. This can be very damaging for morale and motivation and could lead to division in the team or people feeling insecure in their job.

Business closure

Some businesses may be forced to change their operating procedures, cut costs, and lose the quality of their product or service. More than half of small businesses do not have resources needed to recover from such an attack and will close as a result.