Given the recent list of high-profile cyber attacks, it’s clear that virtually no organization is impenetrable. If you have any digital resources connected to the internet, including your employees’ private devices, there’s a good chance a cyber attack is on your horizon. In most cases, you may be under attack at this very moment. But the most important question is would your organization survive a successful attack? What kinds of systems could be damaged, and what could be the fallout? For many organizations that enlist the help of external cyber security services, it’s far easier to emerge from a cyber attack unscathed.
Do You Have the Technologies and Procedures in Place?
The days when a free antivirus scan was enough to protect your network are long gone. Nowadays, you need specialized tools designed to catch the most recent and dangerous threats. For example, every company should have:
- Network firewalls that monitor incoming and outgoing traffic
- Web application firewall that specifically safeguards the data going in and out of your web applications
- Disaster recovery and business continuity systems, including off-site backups
- Protection for employees’ endpoints and those within each office location
- Remote monitoring systems that can alert you to potential attacks and issues
The Financial Damage Attacks Can Cause
One of the most pressing financial issues caused by an attack includes stealing company or employee funds after credential or identity theft gives a hacker access to a bank account. However, this is only one danger, and there are several others to keep top of mind as you seek to bolster your cybersecurity.
The Cost of Exposing Customer Data
If you have a database that contains customer payment data, it’s essential to protect it, especially because this is a prime target for hackers. One incursion can give an attacker access to several million dollars’ worth of customer information. Whether the attacker chooses to use it themself or sell it to someone else on the dark web, the profit potential is considerable.
The impact on your organization can be just as severe. For example, if customer data ends up in the wrong hands, some customers may file a class action lawsuit, joining forces to get compensated for the results of the breach. In some cases, a bank that has to reimburse its customers may also come after your organization, demanding funds.
Increased Insurance Costs
Insurance companies are responsible for minimizing their exposure, regardless of the kind of event their clients’ experience, including cyber attacks. If you have cyber insurance and get hit by an attack, the good news is that you may be able to be compensated for some of the direct financial damage, including the cost of repairing any affected systems, returning stolen money to customers, and paying ransoms to ransomware attackers.
The bad news is that this will most likely result in a sharp increase in the number of insurance premiums you have to pay. The exact dollar figure will vary based on your company and the coverage you have, but they have the option of boosting your premiums as much as they’d like.
Also, in many situations, the insurance company may choose not to renew your policy unless you get specific elements of your cyber defenses up to par, especially following an attack.
Reputational Damage
Reputational damage may be the most insidious for two reasons:
- The effects of the damage can persist for many months or even years.
- Cyber insurance does not cover reputational damage, so you can’t get financial support for these kinds of long-term effects.
In many cases, reputational damage comes as a result of customers losing confidence in the security of their data with your company. Even in situations where customer data wasn’t actually stolen but merely exposed to hackers, some people may get cold feet when it comes to doing business with your organization.
In addition, some investors may choose to back away, fearing future attacks due to systemic cyber security failures. Unfortunately, these sentiments can be inaccurate or overblown. Regardless, the customer is always right, so it’s best to get the protection you need as soon as possible.
Fortunately, with Robust Networks network consulting, you can get the kind of managed cyber security services you need to minimize the chances of a successful attack. Instead of worrying about having IT support set up all of your security measures one by one, you can allow Robust Networks to guide you, as well as handle your protection, remote monitoring, data security, and business continuity and disaster recovery efforts. To learn how, connect with Robust Networks today.