Cost of Skimping on Cyber Security
Cyber insecurity is a real threat to the existence and performance of your business today. Much has already been said and advocated for in regard to the need for your business to undertake the necessary cyber security measures for self-protection. There is, however, always a tendency of not being thorough as far as laying a proper cyber security plan in your businesses’ is infrastructure is concerned. The cost of doing a skimpy job on your business’ cyber security plan can be far too costly.
Hackers always tend to penetrate your business and organization with the intent of causing as much disruption as possible. Such disruption may come in the form of interfering with the integrity of your data by deleting or maliciously altering it. With your business relying on data for day to day operations, a cyber-breach would bring your operations to its knees. Such operational disruptions may ultimately cost your business revenue as you will not be able to serve customers with normalcy.
The period after being hacked into can be too stressing as your business tries to reorganize itself and get back on track. The process of restoration for your business may take time and cost a fortune in trying to lay down a proper IT infrastructure. Operating under a skimpy cyber security framework may, for example, leave you highly vulnerable as it may imply that your backup was not updated or even didn't exist at all.
In such a case trying to restore order in your business’ data infrastructure would be either impossible or too costly to achieve. For instance, if the compromised data contained customers’ invoices that were yet to be paid or processed, a loss of such data would imply a major financial and operational setback for your sales department.
New regulations have been set in place by governments across the world with the intent of protecting the sensitive company, employee, and customer data from cyber insecurity. The HIPAA in the US, for example, set in place regulatory measures that put in place repercussions to businesses that do not run within the requirements of cyber security. Running your business under a skimpy cyber security framework would therefore ultimately put you on the receiving end with the HIPAA law. Potential repercussions thereof include being heavily fined as per the law while even risking a jail term.
Damaged Reputation and Public Trust
With the rising trend of cyber insecurity, every business owner is scampering to lay in place proper cyber security measures including the latest levels of endpoint protection. Failure to put such cyber security measures as protecting your endpoints may put you at risk of being compromised upon by advanced hackers with the latest cutting-edge hacking tools.
In such an eventuality, it is certain that your reputation in themarket would be significantly damaged while your customers and employees wouldlose trust upon you. Restoring such reputation and trust can be such adifficult and daunting task which may consume time and cost your businesspotential customers. You would even risk losing your customers and thus killing your business in the long term.
in the long term.
Leaking of Company Secrets
Your business’ ability to competitively stay afloat in the market is owed to operational secrets. Hackers do not regard such levels of secrecy as they can lay bare every piece of information they can lay hold of from your business. This is exactly what you get if you do a poor job in your cyber security measures as all your secrets on how your company is able to compete successfully would be exposed to the public domain. This would ultimately lead your business to lose its competitive advantage.