In just 39 seconds, you could be the next target of a successful hacking attempt. And data from Juniper Research shows that the average cost of a data breach could easily break $150 million in damages in 2020. Remember the Equifax hack in 2017? More than 147 million Americans were affected by this hack. And Equifax suffered greatly for it. A report from Reuters shows that the expected cost for Equifax will break $439 million – that’s three times the average in 2020 mentioned above.
Why were hackers able to get into Equifax’s system?
They were using unpatched, open source software. Say whatever you want, but the breach was fully avoidable. The problem for Equifax is that they did not have a proper cybersecurity plan in place. Equifax isn’t the only company that does not have a proper cybersecurity plan in place — they just happened to be the one that got hacked.
Some other notable companies that got hacked include
- Yahoo in 2013-2014.
- Marriott International in 2014-2018.
- Adult Friend Finder in 2016.
- eBay in 2014.
- Heartland Payment Systems in 2008.
- Target in 2013.
- Uber in 2016.
- JP Morgan Chase in 2014.
- RSA Security in 2011.
- US Office of Personnel Management in 2012-2014.
Some of these were mentioned heavily in the news and it affected them negatively for quite some time. As you can see, becoming complacent with your cyber security defenses is a recipe for disaster. If you don’t like the taste of crow, you need to upgrade your cyber security defenses as quickly as possible, and here are a few reasons why you should upgrade your cybersecurity defenses.
Keeps Your Name Out Of The “Media Mud”
Research from Bloomberg shows that the fallout from a data breach and/or successful hacking attempt can cost a company up to 1.5 billion in market devaluation. While your company may not be a Fortune 100 company, the same principle could be applied. While a Fortune 100 company may have a market valuation of 10 billion, that devaluation could represent 10% of their overall company. How bad would losing 10% of your assets hurt? Could you survive it?
What about the fallout in the news? Could you survive the backlash from angry customers? The media has shown a tendency to be ruthless, not only requiring a fix but for there to be reparations for future incidents related to the security breach.
Do you have the financial backing for added credit monitoring services if your systems are breached? Most companies don’t, and it’s doubtful that you do either – insurance likely won’t cover it either. Which is why you need the help of cybersecurity service providers like Bulletproof to protect your business from these vulnerabilities.
These vendors can protect you from data breaches and other malicious hacking attempts through DDoS, Man in the Middle, etc. They can also help you with other cybersecurity-related tasks like Managed SIEM, DDoS Mitigation, and Vulnerability Scans (among other things).
Maintains Customer Confidence
We’ve all heard the saying, “hell hath no fury as a woman scorned.” Except when it comes to a customer who has lost trust in a brand. In fact, research from the White House Office of Consumer Affairs states that a customer who has lost trust in business will tell anywhere from 9 to 15 people before moving on. That’s just ONE upset customer! Imagine what would happen if all of your customer data was leaked in a hacking attempt — how many people would hear about it? By being proactive about your cybersecurity defenses, you can ensure that your customers never hear about any data breaches. While you can’t advertise that you’ve never been breached, it’s better than having to announce a data breach and corrective measures being taken.
Safer Transactions With Freelancers
As your business grows, so will you need to either add more in-house employees or seek out freelancers to help you keep up with demand. And while you probably won’t require retinal scans or biometric scans, you’ll need to limit your exposure to the outside world (WWW). In fact, certain companies now are being shunned due to their insecure and/or lack of security. For instance, the US has banned Huawei from supplying any device to the US citing a threat to national security. So, what if a freelancer is using a Huawei device? Are you secured? What if the freelancer you work for is really looking to hack into your system? Are you secured? What cybersecurity plan do you have in place to make sure that your sensitive information is protected? Maybe the freelancer themselves aren’t the threat. A lot of freelancers use unsecured methods of communication, such as public WiFi networks at their local Starbucks or public library. It’s not difficult to do a “man in the middle” attack and capture all sorts of sensitive data. Requiring freelancers to use a VPN could help mitigate this risk, but that is only the beginning. With an upgraded cybersecurity plan in place, it’ll be easier to focus on what matters – growing your business.
Does It Really Matter?
- When Equifax was hacked in 2017, did 147+ million people think it mattered?
- When Yahoo was hacked in 2013-2014, did 3 billion people think it mattered?
- When Adult Friend Finder was hacked in 2016, did 412 million people think it mattered?
There are a lot of reasons why upgrading your cybersecurity defense matters? We highlighted a few reasons:
- Staying out of the “media mud”.
- Maintaining customer confidence.
- Ability to work from anywhere with anyone.
But we also cited a lot of statistics too:
- The average cost of a single data breach could cost $150 million in damages.
- Up to $1.5 billion in company devaluation (or around 10%).
- Hackers attempt a new hack every 39 seconds.
In the end, there are a lot of reasons why upgrading your cybersecurity defense matters. While it may be easy to overlook your cybersecurity needs, it could cost you greatly. Rather than take the chance, be proactive and save your company from the mess of a data breach and the PR nightmare that will follow behind.
If you are dead serious about growing your business to insane heights, you can’t afford to neglect your cybersecurity. After all, just a single instance of your network getting hacked and your customer data being compromised can wreck your business to oblivion. What are some of the cybersecurity measures you have in place? Do you even have any, to begin with? Please share in the comments section below. Cheers!