In the current situation, businesses have had to change and update their security protocols due to the world situation. Here are six risks of not updating your cyber security protocols.
Now, employees constantly access critical company data through connections and devices that are beyond the control of the business, making your company more vulnerable to cybersecurity threats than ever.
Potential consequences if security protocols are not updated
- Employee inaction and reduced morale – If you don’t train your employees to identify or deal with new types of security threats, they may feel helpless or indecisive in the face of an attack. In addition to this, being in a remote and therefore isolated setting, they may find it hard to ask for support.
- Hampering of business growth – Cyberattacks hamper your credibility and reputation in the market. This can make it challenging to cultivate new customers or retain existing ones as they may not trust you with their information.
- Business paralysis – There has been a massive rise in DDoS (distributed denial of service) attacks over the last few months. These attacks typically lead to website downtime, increased vulnerability and disruption of business operations.
- Compromise of crucial business information – If protocols are not updated, cybercriminals may end up getting away with everything from confidential client data, patents, sales information, business plans and much more important information.
- Financial implications – 2020 has seen a 109% spike in ransomware attacks in the US. Paying the ransom however, is not the sole financial implication. A breach could see you lose money or clients’ financial details. It is a risk many businesses cannot afford to take.
- Legal sanctions – If you fail to adequately protect yourself against cyberattacks, you could face everything from consumer lawsuits, hefty fines and sanctions, to even a business shutdown.
It is clear that the threat of cyber attacks is on the rise and that the remote working conditions of the day has created a perfect environment for hackers to thrive in.
It is not too late to secure your business. Speak with us today about Dark Web Monitoring and Cyber Security Training available to you today.