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The Impact of Cyber Attacks on Businesses (you never imagined) and How to Prevent a Breach

It’s hard to image how a cyber security incident may impact you personally or your company. In this blog article we help educate you on the risks involved in a cyber attack and provide tips on how to protect yourself and your organization.

95% of breaches occur as a result of human error

Organizations that have been previously affected by a breach know all too well what’s it like and if you’ve ever experienced a cyber attack, ransomware or phishing scam you are more likely to take cybersecurity seriously and take the necessary action to protect your business. But why learn the hard way? Being proactive and implementing cybersecurity training, policies and protection will save you and your company a lot of frustration.

If you’ve never experienced a cyber attack, you may think that it will never happen to me, no hacker is interested in my data or they only go after large companies. The fact is that it’s not a matter of “if”, but rather “when” will a cyber attack happen to your organization.

Impacts of a Cyber Security Breach to a Company

Breaches are very costly to recover from. An organization will have many financial payments after a breach. A ransomware attack will require the organization to pay thousands or potentially millions of dollars to unencrypt your data. Investigating a breach is also very costly and disruptive. Then there are IT related costs to stop the bleeding and repair any damages.

When sensitive information is exposed, the organization must notify customers, suppliers or other parties involved. There maybe compensation involved, fines or legal issues to deal with. Plus there will be loss of revenue due to operational downtime. It could potentially take days or weeks of downtime to recover from an incident.

After an incident, clients will lose trust in your organization. The reputation damage will affect your organization for years to come. The cost of the breach, plus lost revenue may mean that an organization will downsize and lay off employees or potentially close the business entirely.

This is why we put so much emphasis on security training and being proactive in protecting your organization from cyber threats and breaches.

Costs of Cyber Attacks

Breaches are very costly to recover from. An organization will have many financial payments after a breach. A ransomware attack will require the organization to pay thousands or potentially millions of dollars to unencrypt your data. Investigating a breach is also very costly and disruptive. Then there are IT related costs to stop the bleeding and repair any damages.

When sensitive information is exposed, the organization must notify customers, suppliers or other parties involved. There maybe compensation involved, fines or legal issues to deal with. Plus there will be loss of revenue due to operational downtime. It could potentially take days or weeks of downtime to recover from an incident.

After an incident, clients will lose trust in your organization. The reputation damage will affect your organization for years to come. The cost of the breach, plus lost revenue may mean that an organization will downsize and lay off employees or potentially close the business entirely.

This is why we put so much emphasis on security training and being proactive in protecting your organization from cyber threats and breaches.

Cyber attacks often result in substantial financial loss arising from:

  • theft of corporate sensitive information
  • theft of financial information (eg bank details or payment card details)
  • theft of money
  • disruption to sales revenue
  • cost of downtime and idle staff
  • loss of clients or contracts
  • costs to repair the network
  • forensic costs to identify the source and criminal
  • legal costs
  • reputational damage

Trust is an essential element of customer relationships. Cyber attacks can damage your business reputation and erode the trust your customers have for you. This, in turn, could potentially lead to:

  • loss of customers
  • loss of sales
  • reduction in profits

The effect of reputational damage can also impact on your suppliers, or affect relationships you may have with partners, investors and other third parties vested in your business.

How Are Employees Affected with Cyber Security Breaches

Imagine that you receive a large red popup on your computer screen with a message saying that your files have been encrypted and you must pay the ransom in untraceable Bitcoin to recover your files. The message has a countdown timer, forcing you to take action and pay the ransom before the timer runs out. What would you do?

While you’re contemplating, the ransomware infection is rapidly spreading to other computers on the network. You’re feeling nervous and stressed about the breach and have no idea what to do next because you’ve never been trained on how to deal with this type of incident.

Should you be in this situation, contact your IT department right away, along with anyone in management that should be aware of the breach. Be prepared to be available to explain what happen and answer any questions that may provide insight on the source of the attack.

Remember, we all make mistakes. You may feel responsible for the attack, but the reality is that it can happen to anyone. If you’ve never been trained on cybersecurity or your systems are not properly protected, then you should expect that eventually you will be dealing with this type of incident.

Take cybersecurity seriously and stay alert, slow down when you receive an email, text or phone call demanding immediate action. Stop and think before acting.

Watch the video below to learn tips on how to handle this type of situation.

10 Ways to Prevent Cyber Attacks

With so mush risk at stake, how can you protect your business? Here are some tips to consider:

  1. Train your staff and create a human firewall
  2. Maintain your software and systems up to date with the lasted security patches
  3. Invest in cybersecurity protection for all your devices
  4. Invest in a firewall to block the bad guys
  5. Backup all your data
  6. Control access to your systems, software and cloud apps
  7. Ensure your WiFi network is secure
  8. Control password security
  9. Implement multi factor authentication
  10. Encrypt your data in case of theft

Conclusion: 10 Ways to Prevent Cyber Attacks

It can be difficult to know where to begin when it comes to protecting your business from cyber crime and cyber attacks. The information is overwhelming. You need a solution that’s right for your business and your employees. Get in touch with us today for a no obligation cyber security assessment. We can help kickstart your journey to becoming secure.

Talk to us today to find out how we can help you secure your network and prevent cyber attacks.

Call 416-900-6852 | TF 1-877-709-2656 or complete the form below.

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