Cyber-attack not only causes the data lost, but it also leads to other complications like….
The loss of crucial data is not the only thing you suffer from after a cyber-attack. As an added woe, it negatively affects your reputations, operations and finances. Even worse, it can lead to legal consequences like penalties.
Here we will go through how cyber-attack affects your productivity, finances and reputation.
Cyber-attack leads to financial loss occurring from:
- Theft of critical information
- Theft of financial information like bank details or payment card details
- Disruption of trading
- Loss of contract or business
- Cost of repairing affected networks, devices and other systems
A Blow to Your Business Reputation:
Trust is crucial in customer relationship. Data incidents affect your business reputation which in turn creates a negative image of your business in front of the customers. Needless to say an affected business is on the verge of losing them all. Such reputational damage even leads to negative impressions on suppliers, partners and investors.
Legal Consequences of Cyber Breach in Singapore
Personal Data Protection Commission requires all businesses in Singapore to protect the data of their consumers. Otherwise, they may be imposed with heavy penalties, no matter whether the incident occurs accidentally or deliberately.
So you must have understood why you should be serious about the cyber security of your business. Even a small fault like leaving your pen drive exposed to others can trigger data incident. Therefore, you should practice sound cyber security measures to avoid cyber-attacks and their traumatic fallouts.
Here are some things that will make a big difference in your cyber security:
- Keep your systems password protected. Always choose a password which is a mix of numbers, characters and alphabets.
- Monitor your employees systems
- Don’t leave pen drives, HDDs or data storing devices in open
- Restrict unauthorized access to your server room
- Spread the awareness about cybersecurity at your business
- Conduct cybersecurity auditing frequently to locate and fix the loop holes in your security.