Every day, businesses, and organizations with different industry sizes across the world are at constant threat to cyberattacks. Even with the continuous efforts from experts in spreading awareness on the consequences that happen from a successful cyberattack, there are still several organizations that fall victim to cyberattacks and prone to risks.
The effects of a cyberattack can be devastating and enduring to the overall organizational structure and operations of the business.
In this reading, we will be sharing with you the different ways a cyberattack can affect your organization.
Cyberattack
Cloud solutions, web applications, and the integration of artificial intelligence into our network are continuously revolutionizing our personal life, activities, businesses, government agencies, and all other aspects.
This has given us the advantage to establish a network, communication, and create transactions on a global scale.
But a global network exposure can also be a risk. Nowadays, cybercriminals are more likely to attack information rather than money, this is because institutions and businesses will always have some valuable information that is much more profitable or advantageous. The result of this is the increase in data loss and breaches.
Most organizations have already transitioned to using the cloud system, business data applications and operational data can be stored in large amounts within the network system, making it accessible all over the world. The data stored in the network can be accessed by users or employees and unfortunately, to cybercriminals as well.
Successful cyberattacks can greatly affect an organization in so many ways and levels. This can affect your minor operations to a general business shutdown. At worst, the effects can still be felt in weeks, months, or years, after an incident.
Here are some of the major areas where your organization can suffer during a cyberattack.
Financial Damages
This is one of the most obvious effects of any type of incident that an organization can suffer. A cyberattack can directly target your financial assets through unauthorized access and fund transfers, others come in the form of ransomware or computer infection.
The organization will have to financially cover the effects of the incident response, incident recovery, investigation, production loss, loss of revenue, regulatory fines, legal fines, and the decrease of the company’s reputation.
Productivity Loss
The main impact of a cyberattack is to take control of the operation. When it does, your production will be placed at a standstill.
When an attack incident happens, the operation is stopped to prevent potential or further damage to the company, your IT technicians will then do the necessary investigation, mitigation, and clean-up. Most of the time this will take up to days or months.
Without production, the business will not profit.
Organization Reputation Damage
When it hits the media that your organization has encountered or experienced a cybersecurity incident or cyberattack, it can be devastating to your image and reputation. As much as possible every organization must do its best to mitigate the problem and cover it up so that you will not lose your customers.
The relationship between a company and a customer is based on trust. A compromised business will greatly affect loyal customers.
Legal Concerns
When your business gets attacked it will face a local or state law suite from the affected business partners, subsidiaries, and customers. The risk of attack in an organization is to have your customer profiles and information stolen.
In this particular incident, one must prove that your organization has no connection with the attack and assure the law that your company, staff, and overall organization if strictly following the set cybersecurity guidelines.
Career Opportunity
Now you know how cyberattacks can affect your organization, and that would be very troublesome. Learn the proper way on how to protect your home, business, or organization by taking up a professional career course in cybersecurity, here with us at RCyberSolutions. We have entry to advanced level courses available in our online educational program that is available to everyone. Visit us now.
