Data Breaches and How They Can Ruin a Business

There have been a lot of data breaches in the news lately. You’ve probably heard about big companies like Target and Home Depot that had their customer information stolen. But did you know that data breaches can also hurt businesses? In this post, we’ll explain how data breaches can damage a company and what you can do to protect yourself from them. Stay safe out there!

The data breaches have been absolutely devastating to businesses, no matter the company’s size or profession. 60% of small companies go out-of-business within six months after falling victim in a cyber-attack or due an outside breach that leads them having insufficiently protected themselves with technology they don’t even know exist until it is too late!

It’s crucial for all businesses today not only protect their assets against hackers but also keep people trusting what you’re doing online so these types of stories do not continue occurring anymore

Hackers want to get their hands on your personal and professional information so that they can wreak havoc. Whether it’s online or offline, hackers will find a way into anything if given enough time and resources

It doesn’t matter how secure you think things are: there is always room for improvement in security measures because people constantly discover new ways around existing technologies which means both professionals AND casual users should always remain vigilant!

The Damage to Business

Data breaches tend to be bad for business. When consumers find out that their personal information has been leaked, they lose trust in the company and look elsewhere – as was evidenced by this recent data theft at Target which resulted not only in financial loss but also hurt customer loyalty (and revenue). The truth is enough sometimes: if businesses can’t protect us from ourselves with proper security measures, then what reason do, we have left why someone might want our hard-earned money?

Eventually, the affected company not only loses out on potential business, but also loses the customer base they already had. They lose revenue, and the business starts to decline until eventually, they are forced to close their doors.

Not only does the owner suffer from this, but so do the employees. The owners lose the business that they worked so hard to build up from nothing, and their employees are put out of work, leading to financial stress for everyone involved.

Can imagine how they would feel? How their lives would be thrown for a loop? All the pain, stress and struggle that could have been avoided, had the company paid more attention to their cyber security.

How Individuals Are Affected

When you have your identity stolen, it can ruin all aspects of life for years to come. Identity theft is one the most severe risks associated with a data breach and includes everything from credit card frauds or hacking into personal emails account- even when people find out their information has been compromised, they often do nothing about it because they’re too scared that any action will bring more attention than just being hacked itself

Sometimes, the data breaches that individuals experience can result from having weak passwords, or identical passwords for multiple of their accounts. In this instance, the problem can be avoided by using vastly different passwords for each site, which can be stored easily in a third-party password manager. It is a minor change to make, that makes a world of difference to your data’s security.

The Reality

In an ideal world, every business would have top-tier cyber security and cyber-attacks would no longer be a risk. Unfortunately, our world is not ideal, and this isn’t the case. Even some of the top businesses, those that are among the largest in the world, don’t have perfect cyber security. Corporate giants such as Facebook and Google are practically infamous for having security breaches and data leaks and have both suffered from severe data leaks in the past five years.

The size of your business doesn’t matter, either. Small and large businesses alike can suffer huge losses from a cyber-attack, and if they are hit hard enough, their business has no choice but to shut down.

Take ‘The Heritage Company,’ for example. They were a UK-based telemarketing company that unexpectedly announced their plans to suspend their business in December of 2019, which left around three hundred employees unemployed just days before Christmas. The cause? A ransomware attack that hit two months prior and devastated the business, causing huge losses as it went.

The company was forced to pay hundreds of thousands of pounds to obtain a decryption key after their attacker demanded them to pay a ransom to unlock the encrypted data. (PrivacySavvy)

Conclusion

Cyber security is one of the most important investments your business can make. No matter how small or large your company is, it’s crucial to have a system in place to protect you from cybercrime and data breaches. Luckily, upgrading your cyber security doesn’t have to be expensive or difficult. We advise you consult with your IT team before making any decisions, as they will be able to judge what setup would work best for your specific needs. If you want more information on this topic, we’d be happy to chat with you about it – just let us know!