Delta Data Services LLC

How Cybercrime and Threat Can Impact the Business

Delta Data Services LLC
04.22.22 04:12 PM Comment(s)

How Cybercrime and Threat Can Impact the Business

The average cost of a cyberattack in 2021, according to IBM Security, was $4.20 million*. This number alone should convince both large-scale organizations or SMEs that cyberthreats must be handled seriously. Cybercrimes are very much a threat to any business that uses the internet to operate or control any element of its operations, especially IT businesses which is entirely linked to the online/cloud world. Maintaining the cybersecurity of customer or partner database stored on cloud or internal networks should be a top priority for businesses.

Just like tech, cyberattacks are becoming gradually enhanced. Their aim is most often monetary gain. Recovering from a cyberattack is a painstaking and long procedure that results in being extremely costly. 

  • Social engineering is to trick individuals into giving the attackers access to their internet accounts or computers. The goal of these cyber assaults is to get individuals to click on a malicious link or file. Phishing is the most popular form of social engineering as it tricks users into disclosing personal information. 
  • Malware is a type of malicious software that infiltrates systems and networks with the intent of compromising and potentially stealing data. That is the most common cyberattack which is continuously evolving.
  • DDoS (distributed denial of service) is a common exploit used by cyber criminals to extort money. A DDoS threat occurs when hackers flood a victim's network with traffic that their servers can't manage, leading the network to breakdown and become unavailable to customers and workers, resulting in downtime as well as financial and reputational harm. In exchange for restoring the network to its prior state, the hackers then demand payment.

    A security breach may be classified into three types of consequences: financial, reputational, and legal. 
  1. Theft of confidential data: Businesses will often pay expenditures connected with fixing compromised systems, networks, and devices as a result of the breach.
  2. Reputational Damage: Cybercrimes have the authority to deteriorate your company's goodwill and destroy your consumers' faith in you.
  3. Legal consequences of a cyber breach Data protection and privacy rules require you to keep track of the security of any personal information you have about your employees or clients. You might face penalties and regulatory punishments if sensitive data is unintentionally or intentionally compromised.

A successful cyber attack would be devastating to your company. It may have an impact on your financial line, as well as your company's reputation and consumer trust. Recovering a business from cyberattacks is expensive and can have a negative influence on the company's connection with its consumers. Businesses will have to keep one step ahead of cybercrime as it gets more sophisticated and advanced.


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