Cyberattacks are a real threat to businesses. Businesses are vulnerable for various reasons, one of them being the sheer number of devices and information they have at their disposal.
This makes it easier for hackers to make their way in and steal data from companies that don’t take proper precautions against cyber criminals.
The average cost of a data breach is $4 million, so it’s important for small and medium-sized businesses to understand how to protect themselves from hackers who want their information or money.
This article will explore why companies are vulnerable to cyberattacks, some of the most significant data breaches, and good practices to reduce your company’s cyber vulnerabilities.
Businesses Are Most Vulnerable to Cyberattacks
The more devices and information you have on your network, the more vulnerable they are to cyberattacks. This is because there are many ways for hackers to attack businesses:
- They can hack into your company’s servers remotely through employees’ computers or mobile devices.
- They can also gain access by using phishing scams which trick people into giving them their passwords and other personal details by pretending they represent a trusted source such as Microsoft or Apple support teams, for example.
To protect yourself against these threats, here are some things that every business should do:
- Use strong firewalls to block hackers from accessing your servers.
- Keep your software up to date and use anti-virus and anti-malware programs to protect against viruses, worms, and other malware that could be used by hackers as tools for their attacks.
- Limit the amount of data you store on local storage servers by using cloud storage where possible. This will reduce the number of attack surfaces available to cybercriminals who want access to sensitive information such as customer details or financial records.
The Average Cost of a Data Breach is $4 Million
The average cost of a data breach is $4 million. However, the cost of a data breach depends on the size of your company and how much data was breached, the damage could be much more significant.
Other factors can increase the price tag even more: if you’re fined for not complying with cybersecurity regulations, if there are class action lawsuits, or if customers leave due to lack of trust after being exposed to an attack (what’s known as “losses from reputation damage”).
All Companies Are Vulnerable
All companies are vulnerable to cyberattacks, no matter their size.
In 2017, the Equifax data breach resulted in over 145 million Americans losing personal information. The attack was made possible by a vulnerability in Apache Struts, a development software, which allowed the hackers to enter Equifax’s system and steal the information.
The Uber data breach in 2016 affected 57 million Uber users. The hackers were able to enter Uber’s system by using an Amazon S3 bucket that had been left publicly accessible on GitHub.
In 2013, Target suffered a massive data breach that resulted in the theft of personal information of over 110 million customers. The attack was made possible due to weak security measures at third-party vendors that had access to Target’s payment systems, like Neiman Marcus and UPS.
In 2017, British Airways was the victim of a cyberattack that resulted in the theft of customer and employee data. The hackers accessed the airline’s system by targeting a small heating and air conditioning company that worked on their systems. From there, they were able to gain access to BA’s system and steal customer information.
The attack cost the airline more than $200 million in lost revenue and an additional $40 million in legal fees, which were spent on securing customers’ personal information after the breach became public knowledge.
Virtual Cloud Storage as a Great Tool to Prevent Cyberattacks
Virtual Cloud Storage is a great tool to prevent cyber-attacks. It’s a secure, encrypted remote storage solution for your business that allows you to keep your data safe from cyber-attacks.
Virtual Cloud Storage uses 256-bit SSL encryption technology so that only authorized users can access the information stored on it, ensuring maximum security in all circumstances.
Cloud storage comes with other advantages such as increased file shareability and automatic backups, and it is also a cheaper alternative to local storage.
Businesses are most vulnerable to cyber-attacks because they have more information and devices.
Hackers can often get in through businesses’ devices and employees, but any other systems connected to the network might have their vulnerabilities that might affect your company.
There are several aspects of cybersecurity that a company should take into consideration, including understanding the vulnerabilities of the software they use to run their operations, to execute their work, and even the software used for remote working.
Companies must do their due diligence and ensure they aren’t compromising their client’s data safety.
You should start today if you haven’t taken the proper steps to protect your company’s data.
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