It’s more than just the security of your company that’s at stake when it comes to cyber attacks.
You might be wondering: how much money could I lose if my business gets hacked?
It’s not an easy question to answer, but there are a few factors you should consider.
This article will take a closer look at each of these factors and provide you with a little more information on what to expect if you’re unfortunate enough to experience a cyber attack.
First of all, you should always be aware of the general risks when it comes to cyber attacks.
There are several different types of threats to address, including spam or phishing attacks (where you get unexpected or bogus messages), denial-of-service or DoS attacks (online bullying that slows down your websites and servers), virus or malware, IP theft (accidental or intentional distribution of your private information), and the most common of them all, hacking.
This can be through a variety of different methods, including social engineering, where you trust the hacker and give them the information they need.
It’s also possible that you might receive an email or phone call from someone posing as a company official and asking for private information.
It’s always best to ask for verification before you give up any information, even if it does seem like the real person is on the other end.
Although you can’t prevent all these risks, there are some things you can do to make sure at least one doesn’t ruin your company.
Always make sure you maintain your system to keep up with any patches or updates that are available, password protects everything (don’t give away anything important), and use two-step authentication where it’s offered.
You can also help prevent attacks by hiring a reliable cybersecurity company to help monitor your system, although this will cost some money as well.
Let’s take a closer look at the factors that contribute to how detrimental a cyber attack can be to your business.
How often does your computer or mobile device get connected to the internet?
The more time it spends online, the greater the risk that hackers will find vulnerabilities in its software and exploit them for their own purposes.
That means using old devices with outdated programs on networks without adequate security is asking for trouble.
What type of data do you store on computers or servers?
If sensitive information is stored electronically, which includes everything from customer credit card information to social security numbers, you are at a greater risk of being hacked.
You should always use encrypted networks and servers with two-factor authentication when you can.
Does your company have an IT department capable of handling cyber attacks?
Even if your business is small, it might be worth your time to invest in information technology services that can help prevent hackers from getting into your systems and networks.
That will save you a lot of money in the long run.
Many companies can provide you with regular maintenance and security updates that will help keep your system as safe as possible.
Do you have insurance coverage for hacking occurrences?
The truth is, most small businesses are not covered by cyber liability insurance, but that’s changing.
If you are in an area with many small businesses, you might be able to get a great deal on cyber security insurance that will protect your business from hackers and financial loss.
It’s important to get the right coverage, which you can determine by asking your insurance agent about what cyber security features are included in your plan.
How vulnerable is your business to hacking?
If it has a high risk of being hacked, you should take precautions more seriously and make sure that every possible vulnerability is plugged.
For example, if you’re not careful with your social media posts, hackers might be able to gain access to sensitive information by clicking on an infected link or ad.
So how much money could you lose if your business gets hacked?
The cost of being hacked can be high, especially for a small business.
Repairing damage from hacking can take months and even years before all vulnerabilities are fixed, plus there are the issues of lost revenue and customer trust.
Your best option is to be proactive about protecting your company using software that can help prevent hacking attacks, along with following all precautions that you can.