The Problems that Cybercrime Can Pose for Business

Unfortunately for small businesses, cyberthreats aren't limited to large corporations and enterprises. Even small businesses and local shops face the constant risk of cyberattacks. Let's take a look into some concerning statistics regarding one of the fastest-growing cyberthreats.

The Top Three Concerns Associated with Cyberattacks

A recent survey sought input from board directors to identify their primary apprehensions in the realm of cybersecurity. Here are the findings:

Operations Impact

Approximately 36% of respondents considered the impact on operations as their foremost concern. While data security is a common focus when discussing cybercrime, the disruption it causes to business operations often goes unnoticed. Cyberattacks can severely disrupt normal business functions, and in some cases, operations may come to a complete halt until the issues are resolved. Shockingly, around 60% of small businesses that fall victim to cyberattacks are forced to shut down permanently within six months of the incident. This alarming statistic underscores the significance of this concern among board members.

Data Exposure

Another 36% of respondents expressed worry about the exposure of their internal data to the public. Data breaches can result in substantial financial losses, not only due to the data falling into the wrong hands but also because cybercriminals may hold the data ransom. Legal consequences and fines related to cybersecurity issues can continue to plague a business long after its operations have been restored. Some organizations hold their trade secrets in high regard, making the prospect of data falling into the hands of a competitor particularly distressing. Such leaks can significantly affect a business' ability to thrive.

Reputation

For 34% of board members, preserving their company's reputation was the top priority. Even the most nonchalant individual would likely be infuriated if they became victims of a data breach after entrusting their information to a service. The aftermath of such a breach can lead to identity theft and can harm a business' reputation, especially if it fails to protect its customers' data. Personal data is highly valuable to cybercriminals, which is why companies allocate significant resources to safeguard their infrastructure. Unfortunately, small businesses often lack the robust security measures of larger organizations, making them susceptible to cyberattacks that could compromise customer data. Taking proactive measures to prevent such incidents is paramount.

Don’t Let Cybersecurity Concerns Determine Your Course

To shield your business from the perils of cyberthreats, consider partnering with ServiQual. We are dedicated to securing your business against cybersecurity threats. Contact us today at +230 260 4655 to discover how we can assist you in safeguarding your enterprise.