Cybersecurity is pretty much the buzzword today. There are different companies providing security options to safeguard your data from malicious attacks by cybercriminals.
If you are the owner of any sort of a business, small or large, concentrated or widespread, dealing with products or software solutions in the market today, it is an absolute must for you to invest a certain proportion in security solutions suitable for your company and system structure. Why you may ask.
All the answers are in this post and are sure to compel you to think about the security of data in your business, so go on and give it a quick read!
A Rise In Crime In Online Businesses
With the advent of the internet and the dawn of the digital world, a large chunk of businesses and industries have adapted to online solutions by digitizing their business and their internal systems.
As the dependency of these companies on the internet increases, so does the risk of the cyber crooks take advantage of it. According to a cybercrime Report of 2018, $46,800 cost to companies due to downtime from ransomware attacks.
With each passing year, the rate of cybercrime and its types are increasing and there is no sign of this stopping anywhere. As newer technologies keep coming up with technological boost all over the world, more types of cyber crimes will keep emerging side by side trying to find and misuse vulnerabilities in these technologies.
The Extent Of Monetary Losses
The cost required in adopting a security solution and making your system adapt to it is more cost-effective than recovering the losses that may occur if a cyber attack strikes the company’s database or operational systems. Small businesses are equally prone to cyber attacks as larger businesses and in more extreme cases; the losses may not be recoverable leading to permanent monetary losses.
In the case of smaller companies, these attacks may also lead to the closing of the entire business and an entire meltdown of income. The cost that a company has to bear in the absence of a security framework
SSL means secret socket layer that encrypts the information transfer between a website server and browser. For an online business owner, it must install SSL certificate that secures your website from cyber-attacks. SSL certificates secure customers details like usernames, passwords, credit card details and more.
There are types of SSL certificates available in the market. If you have a website with multiple subdomains, then Wildcard SSL Certificate is a perfect option for you. It is cost effective as a single SSL certificate secure multiple subdomains and main domain.
It’s best to install SSL when you launch your online business. It improves customer trust ratio and security.
Customer Trust and Legal Consequences
A company stands on its customer base. It provides the customer with its services and hence increases its customer base year after year. In many cases, the customers trust the businesses with their sensitive information which may include personal details like name, address, phone number, etc and transactional details like the credit card number.
In case a company’s database is attacked by a cyber criminal and the data of its customers is compromised its immediate effect is on the customer’s relationship with the company. The customer tends to lose faith in the company and its poor handling of information critical to the customer and hence leads to the company getting defamed and losing reputation with its customer.
Customer reviews from current customers hold a very important place in attracting potential customers but if these reviews turn sour and tend to drive away these potential customers that will lead to the sinking of the company. Word of mouth is an extremely strong weapon, enough to make or break the reputation of a company. Security breaches and information compromise can also lead to lawsuits and other legal consequences as the company is accountable for the safety of the customer information that it possesses.
On the other hand, a company with cybersecurity measures is well prepared for cyber attacks and prevents a certain percentage of them or in worst case has a plan devised for the actions to be undertaken in case an attack strikes the company.
Businesses hold a huge amount of data ranging from customer data to the company’s operational data, sensitive business information, client credentials and other information that is sensitive and not to be disclosed beyond certain users and employees who are authorized to view it under a certain policy.
A robust mechanism for Cyber Security is essential to safeguard this information as it is vital to the functioning of the organization. The absence of a security system can lead to devastating consequences when the database is attacked in an SQL injection attack or a cross-scripting attack leading to the exposure of critical information.
The underlying essence of the entire post is that it is no longer even a question of whether security should or not be on your mind if you are associated with an online business.
It is extremely dangerous to survive without a security framework safeguarding the data of the company and hence sufficient funds and effort should be employed in getting a security system into place.