The shift of daily routines because of the COVID-19 pandemic brings a new threat. Everyone starts to rely on technology and the digital world: to run their business, to do their work, or to study.
Their reliance on cyberspace brings a new devastating threat. It is because not everyone (including companies and institutions) is ready to protect themselves from cyberattacks.
Therefore, the activity in cyberspace becomes an opportunity for cybercriminals to seek profits through their threats. The over-growing cyberattacks bring the birth of the Cyber Pandemic.
You will know who is the target of those cyberattacks. You will also learn how to protect your company, including your personal space, from the attacks.
Know Their Targets
Before the COVID-19 pandemics, cybercriminals targeted small business companies because, most likely, they are the vulnerable targets for cyberattacks.
Before the pandemic, 83 percent of small business owners do not have a contingency plan for dealing with security threats. Thus, leaving an opportunity for the cybercriminal to break in and breach the company’s data. Their attacks aim to steal data, generate profits, and cause disruption.
But the pandemic brings a shift to their targets.
Cybercriminals start to target major corporations, governments, and critical infrastructure. It is to enhance their profits from larger firms.
The increase in cyber attacks is tremendous. The FBI Cyber Division reports that there is a 400% increase in cyberattack cases. Those attacks bring a lot of horrible damages for the affected companies.
The Risk of Cyber Attacks
There are varieties of damage because of a cyber attack. Although most of them related to money, the other effects are also devastating for the company. For example, the companies’ credentials, the companies’ reputation, and privacy lawsuits. It brings a long-term effect on the targeted companies.
For the consumer, it will cost their private data. It includes their credit cards and personal records (financial records, health records, legal documents, etc).
Financial Loss
An insider threat alone can cost a small business an average of $7.68 million per incident.
The cybercriminal will breach the companies’ data and threaten the owner to pay millions of dollars. If the company refused, the cybercriminals will leak the company’s clients or workers’ classified information. That incident leads to a decrease in the company’s reputation. It can cause the clients to have a trust issue with the company.
Handling the data leak threat from the cybercriminal is not the only challenge for the company. A cyberattack can also cause damage to the company’s electronic devices. It is often that the unsolved computer virus can result in permanent damage to the affected computers. This damage will cost extra expenses to the company.
Credentials and Reputation
Preventing financial loss by not following the criminal’s demand is like a gamble. The threat could be a bluff, and you will save the company from spending a tremendous amount of money.
But if it is not a bluff, the company’s credential is at stake.
The criminals will expose the personal data of your clients or employees through their successful data breach. Your company will go viral, and you have to prepare yourself for the public reaction, especially if your company involves the client’s credit card data or related to financial issues.
The decreasing trust from the clients and the power of mouth-to-mouth information will cause a terrible loss. There will be a downturn in the prospective clients, and the old ones might leave you.
After dealing with the data breach, you have to rebrand your company. Ensuring the public to put their trust in your company is not an easy task.
With those numbers and reputation loss, a small business will most likely face bankruptcy after the cyberattacks. Thus, it is better to prevent the attack instead of recovering from the attack.
Preventive Action to Protect Your Business
There are various measures that you can take to protect your company from the cyberattack. According to the previous discussion, the cybercriminals are targeting the ones who are vulnerable and unprepared for the cyberattacks. Hence, upgrading your company’s protection and preparation against the cyberattack is essential. One thing to be sure of: prepare your best budget.
- Secured Platform: The simple step for you to take is to use the secured platform, such as ServiceNow Security Operations, to do your works. Instead of using the free but unsecured, it is better to invest your budget in using a secured platform. Some secure platforms will provide you with an IT professional. They provide help and guidance for you if any security incident happened in the company.
- Budget Increase: Because people are starting to rely on cyberspace, it is crucial to lifting your budget on cybersecurity. Invest yourself in the most secure server, hire IT professionals to become a part of your team, and make sure you’ve covered the essential needs of your IT teams.
The increase in people’s reliance on cyberspace requires a lot of preparation. The unprepared companies will face a lot of cyberattacks and lead to the companies’ damage. It is essential to take preventive actions, such as working on the secured platform and increasing the cybersecurity budget. Start investing now for your cybersecurity needs before it is too late.