Did you know that a common security breach will often take less time than it does to prepare a cup of coffee? While a successful breach can be completed in under one minute 93% percent of the time, the real problem is that it can take nearly a week for 86% of those businesses to realize it happened. Weak data security is a concerning topic in 2021, but how can data breaches affect your information?
Small businesses typically won't invest much time or effort into ensuring their cybersecurity is robust. Hackers know this, making these vulnerabilities within small businesses a strong target. Any company that stores or maintains data is at risk of data breaches. This article will look at some of the unique ways that data breaches can affect a business's information and some of the consequences of not having a solid cybersecurity plan in place.
Decreased Revenue Potential
It is not uncommon for a data breach to be associated with a significant revenue loss. Not only are some hackers able to manually remove funds from a business, but the news that a security problem has occurred further compounds this problem as customers stop purchasing and long-term partners pull out their own money. Any downtime required to restore the website or servers will continue to push potential customers to explore competitors.
Hidden Costs and Legal Fees
While the surface-level costs associated with a data breach are readily apparent, most businesses don't sit down and calculate other costs that should be expected. This will often include a combination of legal fees, hikes in premiums, investigatory payments, and the need for extensive public relations support to rebound. Depending on the type of data breach, regulatory fines may also tack on a hefty fee that could have otherwise been avoided with a solid cybersecurity plan in place.
Intellectual Property Loss
Many hackers will choose to go after things they think are much more valuable than customer information. Any business that stores blueprints, strategies, or other designs is at risk of losing its intellectual property. This often occurs more with manufacturing or construction businesses; however, the ease of attacking small businesses makes them the recipient of around 60% of attacks.
How Can Small Enterprise Technology Help?
Learning the skill required to protect your data and training all staff successfully can be time-consuming and overwhelming for any company. Fortunately, Small Enterprise Technology is staffed with qualified business and technology professionals who focus on implementing and supporting every aspect of your company’s information technology requirements. To learn more about how Small Enterprise Technology can help your business stay protected from data leakages and loss, call or contact us today to get started!