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How do Cyber Breaches Affect Your Business?

In the past two decades, the way we conduct business has changed significantly and many processes are taken online. It’s not only your business slowing down that happens as the result of a data breach. It can impact your business in more ways than one. Here are a few examples of how many household names have been affected.

YAHOO! Once worth over 100Bn, it was sold to Verizon for 4.5Bn after they suffered the worst breach in their history. The company’s value dropped over 95Bn as a result of the data breaches between 2013-2014.

Marriott hotels lost 327 million users’ data ranging from name and address to banking details enabling hackers to access practically anything they wanted.

TARGET – While plenty of people love the feeling they get when they walk into this modern and clean grocery/retail store, of 110 million customers, 40 million could not stop hackers from accessing their banking data. The other 70 million are victims of their their personal data being hijacked. 
Other companies that are not listed that you are likely to recognise include JP Morgan/Chase, eBay, and Home-Depot. No matter what size business you run, you may become the next target for hackers.

Data breaches impact your company’s value, brand, and customer relationships. To thrive in a competitive world, you can’t afford to think it won’t happen to you.

What can you do to protect yourself?

Having a proper cyber security strategy and taking proactive measures to prevent attacks must be a priority for you. Ensure you have a firewall, SIEM (Security Information and Event Management) solutions and staff training are the best ways to always keep you and your customers safe. Also having strong sign-on credentials and preferably a two-step verification in place helps you protect everyone and keeps your business’s value and brand strong. Performing regular cyber security assessments are important in mitigating risks and the first steps in building a proper cyber security strategy.

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