Cyber attacks have been on the rise in recent years, with the increase in virtual offices and employees working remotely from home. Cybercriminals are targeting businesses with lessened security protection and higher cyber risk. Businesses underwent the largest average cost due to data breaches in over 15 years at over $4 million, just in 2021.
Attacks on a company’s network due to cyber risk can have a devastating effect on businesses financially. They can lead to a loss of data, which along with a money deficit, could result in a sudden drop of customers. These attacks can also elicit a decrease in productivity as employees are working to fix the issue, ultimately leading to a loss in revenue.
And to top it all off, businesses may have to pay for credit monitoring, legal fees, and other expenses related to the attack. The average cost of a cybersecurity breach from malware can be over $1 million for a single event. With all of these potential financial impacts for businesses, it’s easy to see why preventing cyber risk from happening in the first place is valuable.
Steps to Reduce the Impact of Cyber Risk
Threats aren’t going to become any easier to face because of the progress cybercriminals are making. In fact, they’re getting smarter and finding new ways to exploit vulnerabilities in businesses’ systems. The best way to protect your business is by being proactive and taking steps to reduce the financial impact of a cyber attack.
1. Implement Cybersecurity Protocols – One of the best ways to reduce the financial impact of a cyber attack is to have protocols and processes in place before an incident occurs. By having a plan, you can minimize the damage and get your business back up and running as quickly as possible.
2. Educate Employees – Another way to reduce a cyber risk is to educate your employees with security awareness training. They should know what to do in the event of an attack, how to spot suspicious activity, and how to report it.
3. Backup Data – Backing up data is a crucial step in reducing the financial repercussions of a cyber attack. If data is lost or corrupted, it can be difficult to retrieve. A backup can ensure that you have a copy of your data if something happens.
4. Use Anti-Virus Software – Anti-virus software is designed to protect your computer from malware and other threats that can affect your company’s productivity.
5. Stay Up-To-Date on Security – Staying updated on security can protect your business and ensure the best stability for your company. This includes patching software and keeping up with the latest security news.
Following these steps can help you mitigate the financial impact of a cyber attack on your business. Cybersecurity is an important issue for all businesses, and it’s crucial to take steps to protect yourself.
Prevent Cyber Risks by Partnering with ThrottleNet for Managed Network Security
Cyber attacks can be expensive for businesses in more ways than one. While it can be stressful to combat a cyber risk on your own, partnering with an award-winning cybersecurity partner like ThrottleNet can ensure that your organization is protected from any costly incidents.
We have the experience and knowledge to keep your business safe from cyber risks occurring in the first place, and can provide support if an attack does occur. Contact us now to learn more about our cybersecurity services.
