As technology becomes more advanced, cyber crime becomes more prevalent. With the average business handling a variety of highly sensitive data, from employee details to customer payment information, cyber security is of the utmost importance
Failure to invest in adequate computer security carries these potential consequences, among others:
Damage to brand image
One of the more comparatively manageable consequences of a cyber-security breach is the toll it’ll take on your brand image. Customers will have a decidedly more negative view of your business in light of a cyber security breach being discovered and publicised.
Would you spend your money with a business that you didn’t think was safe? No, and nor will your customers. In a marketplace packed with fierce competition, your customers won’t have to go far to find a more secure alternative. This could cause your business lasting and severe damage.
Cyber-criminals are very good at keeping up with the latest news in the world of cyber security. They’ll know very quickly if your business has been subject to an attack, which will draw them like sharks to a drop of blood. Your business will be at its most vulnerable in the immediate aftermath of a cyber attack.
Perceived vulnerability will draw cyber criminals to try and test your computer security. In the wake of a security breach, you’ll likely be scrambling to try and re-secure your business. While your attention is consumed in one area, it’s the perfect opportunity for them to slip through the cracks elsewhere.
Possible legal issues
Arguably the more severe implications of cyber crime come when you consider the legal implications. Your business could well be subject to specific legislation – this lays out the minimum steps you must take in order to ensure the security of the confidential data your business stores.
The direct consequences of this vary. It could be as simple as a fine, which while undesirable isn’t going to be the end of the world. For a more serious breach, however, you could be liable for prosecution and even jail time if the breach is severe enough.
Unfortunately cyber security is not an optional investment for any business, it’s essential.