Many people consider hackers just a theoretical threat or annoyance. Even those who are most vulnerable, such as small business owners, often labor under the false assumption that hacking is unlikely to affect them. The truth is unfortunately much worse. A cyber attack can have an expensive, time-consuming and damaging effect on your business. What many people fail to realize is that even in the absence of an attack, hackers cost you and your business more than you realize. Here are some important things to keep in mind.
They Slow Things Down
The process of defending against hackers is laborious and expensive. According to AV-Test, the added security layers required on your business computer systems often make them run slower and less efficiently. Further, the maintenance required to fend off attacks can be a time-consuming and repetitive slog. Hackers continuously modify their attacks, which means that businesses must continually update their security protocols to stay safe. This not only slows down your computers but it also slows down your staff.
Costs Them Money
Beyond the mere investment of time, hackers cost a business money. This is true whether they launch a successful attack or not. While attempting to ward off hackers, many businesses must spend thousands of dollars to maintain the latest software and regular updates. Worse still, in the event of an attack, hackers often demand extremely expensive ransom amounts. This is not even considering the cost of rebuilding databases or the immeasurable cost of diminished customer trust. Murfreesboro Insurance Solutions explains that because of how common cybercrime is in the 21st century, businesses have to buy cyber liability insurance in case their records or customer information gets compromised. With how dependent businesses are on digital records, almost every business needs this kind of protection.
It Will Only Get Worse
Perhaps the most discouraging aspect of the hacking threat is that instances of attacks are on the rise despite the best efforts of security experts. According to InformationAge, current projections indicate that cyber-attacks will more than double in the coming years. The multitude of expenses will only grow. The only upside is that the costs are becoming a predictable, and thus accountable, aspect of running a business.
Hackers and cybersecurity attacks are intensely frustrating and damaging phenomena. Given the ever-evolving and advancing methods of hacking, even the best-intentioned and prepared businesses are vulnerable. This increasing risk underlines the need for all businesses to maintain the latest security measures and cyber liability insurance.