Impact of Cyberattacks
Cybersecurity concerns keep business owners up all night. A cyberattack can have devastating and long-lasting consequences for your entire organization. Cyberattacks are the leading cause of data loss. If a cybercriminal successfully deploys malware, it can shut down business operations for hours, even days, resulting in productivity loss. Cybercriminals often orchestrate cyberattacks to obtain sensitive business operations so they can make money selling it in the black market. Businesses that fail to protect custom data lose customer trust.
Data protection and privacy laws require businesses to protect customer data. If customer data is compromised, and it is found that the business failed to deploy adequate data security measures, it can face a hefty penalty and regulatory sanctions. If you think hackers target only big businesses, you are wrong. A study revealed that about 46 percent of all cyberattacks affect SMBs. The cost of a data breach to a small business can range from $120,000-$1.24 million. Almost 60 percent of small companies go out of businesses within six months of falling victim to a cyberattack.