TECHNOLOGY

Why a Cyber Attack Can Do Lasting Damage to Your Business

 

 

Many people keep asking themselves, what is a cyber attack? Well, a cyber attack is an intentional attack to a computer network and system due to the available vulnerabilities available, to steal data, modify data, corrupt the system or launch an attack to the systems and networks and therefore killing them. In this century, business is faced with day to day threats emanating from the cyber attacks. These manners of attack come from a straightforward way, some which are very hard to detect, but with a more reliable system, it is easy to detect if proper mitigations are in place. Following are some of the permanent damages cyber attacks can land a business.

 

Financial Loss

This might be the most significant and most dangerous a business can experience. When an intruder gets into your business systems, they might give themselves an authority to authorize payments without any knowledge of the company. When this happens, the system is now altered to channel funds to a specific account outside the company operation. When this happens, the business is left on its knees, and it can never recover on its own to go back to its previous position. Financial loss due to cyber attack sometimes goes unnoticed, and it may lead to the dissolution of the company denting it forever.

 

Loss of Productivity

Many companies today all their activities are done using a system. Starting from procurement, LPO processing, invoicing and many other functions rely on an established system by the organization. When a hacker attacks the system and decides to change the algorithm of how codes work, this will directly affect all the operation of the organization because everything relates to each other. This will permanently affect the business as now this disruption will halt all the processes in the company.

 

Reputation Damage

In every business, trust is an essential aspect that businesses upheld when dealing with each other. Other than financial loss, data breach now presents a dire threat that a business can suffer from the attacks. All the business secrets and that of the partners may be exposed to the public or get used to doing some other illegal dealings by the attacker, presenting itself as the company that owns the data. As many companies would like their information to be concealed with their partner, a data breach will halt the relationship with partners. This reputation damage will scare away companies from engaging any deal with the company.

 

Business Continuity Problems

After the attack, the next is how the business is supposed to continue. With a severe cyber attack, productivity is lost, and costs start accumulating without anything to cover these costs heavily halting the business continuity process. For those businesses that rely on full-time internet connectivity or web applications, cyber-attack alone may put companies out of business. This is quite a challenge, especially for small businesses. Now with this new age of threats, cybersecurity must be established as a crucial part of any business continuity strategy.

 

Cyber Attacks and Prevention

 

The presence and growth of web and cloud solutions have opened new possibilities for business and at the same time, opened new threats to the survival of the businesses. These attacks can stop all the operations on any business that do not have the resources to absorb unexpected costs. With the cyber attacks shifting from stealing money to data every organization should invest in the security of its systems.