Influence of hacker attacks on your business

I met an old German businessman recently. He told me about an entrepreneur from Stuttgart that was working on a new innovative product for his startup. In one of his business trips, he visited a fare, and he got shocked when he found a complete copy of his product with the exact details presented there!
“There are two types of companies: those that have been hacked and those who do not know they have been hacked” said John Chambers, Cisco CEO.
This phrase lets you understand a lot about the dangers of hacker attacks nowadays. That is why the U.S government spent- just in 2016- a whopping $28 billion on cyber-security. In the following, we would like to outline how fatal hacker attacks could be, and how important to keep your business away from it.

Damage to your reputation:
Would you let your child stay at a kindergarten if this one was without guards or fence? What could be your customer’s reaction if they know that your business has no security fens? Any customer will consider a significant risk factor if they hear your company name on the hacked list. They may believe that; you cannot protect their data. They may avoid doing business or that a corporation with because of the damage to their reputation.
In 2015, TalkTalk, one of the largest telephone companies in the world, was the victim of a hacker attack. As a result, customers were afraid of the loss of their personal information. According to its financial results,this hack cost the company £ 60 million and lost 95,000 customers.

Unexpected financially side effects:
Can it cause extensive damage? It will cost you to have a proper security system. However, if you do not want to protect your system, there is no doubt that, you will suffer much more financially. A primary example, a denial-of-service attack may redirect your customers to your competitors, and you will lose potential revenues.

Cyber blackmail danger
Will you pay, or…? A cyber-attack may force you to incur extra expenses to keep your business operating. If a hacker steals valuable data and asks for a compromise, or claims ownership of your innovation, as happened with the abovementioned German entrepreneur, then, there would be an enormous bill that you did not foresee, or to be exact, you did not want to expect.
For example, in 2017, it was published that a hacker hit Disney and Netflix. The attackers demanded a ransom; otherwise, they would release the movie “Pirates of the Caribbean” in 20-minute increments if Disney failed to pay up. As for Netflix, ten episodes of Netflix’s new season of “Orange is the New Black,” was released on the Web after the company refused to pay up.

In a nutshell, the threat of cyber-attacks is growing. It is a simple way for hackers to get much money, especially since many people do not take the security seriously. There is no question that any big or small business must take action to protect themselves from cyber threats. Being protected will enable you to focus more on creativity, opening new channels, do outstanding marketing and focus on their business risk free. The question now is how to do it correctly? We will try to answer this question in the coming posts.