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Cybersecurity Continues to Increase as an Issue for Many Companies

cybersecurity risks for companies

cybersecurity risks for companiesU.S. companies experienced more than 1,000 data breaches in 2016. That was a record-high in online security failures.

Businesses faced serious consequences for losing control of SSNs, account information, and other personal data. As a result, shoring up cybersecurity has become a top concern in the business world.

Read on to find out more.

Poor Security Will Cost You Money

Data breaches are expensive to handle. On average, it costs $4 million to correct a security problem. As you reel from direct theft, you have to pay to correct the problem on your network.

You’ll also face legal fees, PR costs, and other associated losses after a security problem.

If your company mishandled information, you may encounter fines from the federal government.

You May Face Official Rebuke

Depending on the size and severity of your security breach, you could face consequences from the federal government.

Even large corporations aren’t immune. The massive data breach at Equifax has prompted scrutiny from both the Federal Trade Commission and the Consumer Financial Protection Bureau.

Lawmakers in Washington are also weighing the possibility of introducing legislation to protect customer privacy.

Consumers Care About Cybersecurity

Studies show that many U.S. consumers don’t trust major institutions to protect their security. Given that 64 percent of those surveyed have experienced some form of breach, that attitude seems sensible.

The onus of protecting customer data falls on business owners. If you fail, your reputation among your customers suffers.

Yahoo has learned that hard lesson firsthand. After a 2013 security breach that affected all 3 billion users, the company was forced to change CEOs and even corporate ownership.

Cybersecurity Threats You Should Know About

The World Economic Forum recently announced that cyber attacks rank third behind extreme weather and natural disasters as a global threat.

Online threats change all the time. Here are the latest dangers that could threaten your security.

Outside Threats

The WannaCry ransomware attack made headlines in May 2017. This malicious bit of software shut down sites in 150 countries and even stymied the NHS, Britain’s national healthcare provider.

Now, experts say the NHS could have avoided the attack if it had accepted recommendations for better online security.

Some common outside threats include:

  • Viruses
  • Malware
  • Ransomware
  • DDoS attacks

As new tactics are always developing, you need to stay vigilant to protect your data.

Inside Threats

Sometimes, a data breach occurs because of your employees.

Wells Fargo is still facing the fallout after bank employees used customer information to fraudulently create 3.5 million fake accounts.

Even well-meaning staff members can harm your security. If they visit non-secure sites, fall for phishing scams or mishandle customer information, they can cause a data breach.

Improve Your Online Security Today

At Sagacent Technologies, we want to help you improve your business’s online security. We use advanced security methods to protect your data and network from threats outside and inside your organization. Contact us today for a free one-hour consultation and network assessment.

Sagacent Technologies offers technology management and support, including proactive/preventative maintenance, onsite and offsite data back-ups, network and security audits, mobility solutions, disaster planning and emergency business resumption services. The company serves clients of 10 to 150 employees within the Silicon Valley region.