In today’s digital world, businesses have increased their use of technology to effectively operate and meet customer demands. This increased dependency on technology has brought the need for Cybersecurity and Business Continuity. Cybersecurity involves protecting various types of networks, data, and more from malicious software. Business continuity means having a specific plan to deal with disruptions so the company can continue to operate.
There are various common Cybersecurity threats. Four different types of Cybersecurity threats include Phishing, Malware, Distributed Denial of Service (DDoS), and Personal Data Breaches. Phishing involves using texts, phone calls, voicemails, emails, and more to exploit sensitive information. Different types of Phishing include Spear Phishing, Whaling, Vishing, and Email Phishing. Malware attacks include softwares that are designed to damage or hack computers. A Distributed Denial of Service is when hackers use multiple devices to hack a system, network, or website with increased amounts of traffic. This overwhelms the target's capacity to handle requests which makes it inaccessible to users. Personal data breaches include hacking or gaining access to personal data such as social security numbers, login information, and financial information.
Cyber attacks can have devastating impacts in the business community. Cybersecurity threats can result in drops in companies' stock market prices, impact the supply chain, and more. For traded companies, cyber threats have reduced stock values by 7.5% and an overall market loss of $5.4 billion. These kinds of impacts can impact the supply chain up to 26 times the loss that the company faced.
Cyber attacks have long-term effects that are worse than drops in stock market prices. Cyber attacks can deplete companies’ resources resulting in higher costs for operating the business. These high costs can be passed to customers and investors making it hard for the company to maintain its market position. Lastly, Cyber attacks can lead downgrades in credit-ratings, affecting the company’s ability to secure financing.
Overall, as businesses use more technology, strong cybersecurity plans are essential. Cyber threats such as Phishing, Malware, and data breaches can harm businesses finances and operations. By using effective security plans, businesses can prevent such attacks and ensure smooth operations.
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Sources & References:
Personal data breaches: a guide | ICOInformation Commissioner's Office (ICO)https://ico.org.uk › for-organisations › report-a-breach
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