Hackers Are More Sophisticated Than Ever Before
The internet has transcended the business world, a digital world where companies prioritize the online solutions they offer consumers. In today’s realm everything caters to internet-based solutions, where every business has a website optimized for mobile.
Though owning a website is the best way to reach the modern consumer, it will expose you to criminals who receive entry points into internal networks. Data breaches are a goldmine for hackers, who have a lot to gain from illegal access to sensitive information.
Well-funded, coordinated cyber-attacks can cost large organizations millions while impacting smaller companies too. Take Deloitte for example, which only last year was shaken up by a staggering cyber attack that prompted a complete overhaul of cyber security initiatives.
It’s better to be safe than sorry, to implement preventative security measures rather than reacting when it’s too late. By assuming you’ll be breached at some stage, you can introduce controls to detect and respond to malicious activity before it rears its ugly head and potentially
destroys your business.
The Cost Associated with Breaches
Cyberattacks are becoming more and more costly to recover from, one of the biggest incentives for companies to safeguard against them. Cybercrime is an expensive experience to ensure, regarding financial and reputational damage.
Many underestimate the potency of these attacks, but they’re far more damaging than the financial implications suggest. The cost of remediation and financial damage is certainly a cause for concern, but where money can be recovered a reputation can’t.
In the event of a hack, customers can lose all faith in the business they’d previously trusted, and in which case decide to take their custom elsewhere. Put yourself in their shoes, would you put your faith in a company liable to security breaches?