Learning more about cyber attacks

What Businesses Need to Know About Cyber Attacks

As a business owner, here’s what you need to know about cyber attacks in 2018.

Every year, cyber crime and data breaches cost businesses millions of dollars, and it’s not just major corporations that are at risk. In fact, many smaller businesses have been hit the hardest by cyber criminals. As a business owner, it’s important that you take precautions (such as having the right business insurance in Plano, Texas) to protect against the risk of a data breach. But what else can you do to protect your company from a cyber attack? Well, the first step is educating yourself about cyber crime. Here’s what you need to know about cyber attacks this year.

Attacks are On the Rise

In the modern world, we rely heavily on digital devices and the internet. However, this increased connectivity means an increased risk of being hacked. According to research from the cybersecurity firm Avast; there has been a 40% increase in cyber attacks when compared to 2017. Additionally, research from the cybersecurity firm Symantec has also revealed that smaller business (between 1 and 250 employees) saw the highest rates in phishing schemes in January alone.

The Financial Losses are Staggering

Another thing that’s important to understand is that the financial impact of a cyber attack or data breach can be debilitating. For a better understanding, it’s important to know that the costs associated with a data breach include informing a customer about a breach, recovering compromised data, repairing affected computer systems, fines for insufficient data protection, and lawsuits from affected customers. While these costs might only stall the business operations of a larger corporation, they might spell the end for smaller businesses.

Loss of Reputation is Serious

Businesses don’t just have to worry about the financial losses associated with a data breach; they also need to be concerned about how a data breach will affect their reputation. After falling victim to a major cyber crime, businesses may lose their customers’ trust. This, in turn, can translate into lost contracts, unstable revenue stream, and low-customer satisfaction. Additionally, businesses will have to deal with competitors who are eager to use the recent data-breach as a way of promoting their own companies.

When you understand everything that’s at stake, you can understand why your business needs to have the right safeguards to protect against a data breach.  A great place to start is by getting the right business insurance in Plano, Texas to secure your company’s assets.  To find the right policies to meet your needs, contact the experts at Tri-Star/Hub International today.