Ways Cyberattacks Can Lead to Business Failures

Cybersecurity has emerged to be a major concern for businesses operating globally

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Cybersecurity has emerged to be a major concern for businesses operating globally. Since the digital landscape has expanded to an exuberant level, it is, without doubt, become susceptible to cybersecurity threats. The ambition of an attack could vary depending on the size of the business. It should be noted that no organization is safe from potential attacks because, in today’s world, the probability of successful attacks has increased, and as a matter of fact, hackers have grown smarter than ever.

These threats are not limited to the dimension of corporate organizations. A mere individual is also prone to experience attacks such as malware and ransomware. Considering that cybersecurity threats have penetrated to a level where it continues to remain a nuisance of all kinds of victims, there is a strong need for actionable strategies and competitive measures to mitigate these risks.

Many companies understand that they do not have a way around some potential threats, such as ransomware because an imminent attack usually leads to different kinds of complications which risks the business and leads to a state of emergency. To avoid such instant instability, many companies actually reserve a sum in their annual budget forecasts to pay off the hackers for these threats.

In every situation, organizations require to hire cybersecurity experts and service providers who specialize in this respective category and offer optimum solutions. A prime example remains Avanan Inc., an Israel-based cybersecurity solutions company that was founded in 2014. Avanan provides a SaaS and IaaS model and caters to the companies with Office 365 and Google systems. Avanan Inc. has actively worked with a broad range of clients including Lastline, FireEye ETP, and Sophos.

They specialize in email and messaging by providing File Sharing security, G Suite Security, Office 365 Security. They also offer solutions to SIEM Integration, CASB/Shadow IT, Ransomware, Malware, etc.

With that being said, here are the reasons why cyber attacks are dangerous:

  • Opportunity cost: In case of ransomware, valuable company data and information is withheld by attackers who grant access if only the ransom amount is paid to them, often in Bitcoin. As long as data is seized by those attackers, a business would suffer from the absence of valuable data, and hence, normal operations would seize to continue.
  • Cost of mitigating attacks: Many companies actually have to succumb to those attacks by paying off the ransom. In many cases, it could be a costly amount leading to a burden on the business’ overheads. Revenue can also potentially decline because normal operations of business seize.
  • Reputation damage: This is best explained by an example of an e-commerce giant. If it fails to strengthen its online security then in case of an attack, valuable information could be taken by attackers, and then, there is no accountability of how this data could be misused. If the word breaks out of such an attack, all of the customers of the particular e-commerce company would be discouraged to shop with them again.
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