Page 84 - Cyber Defense eMagazine September 2022

steal the files and the business will lose the fundamental information they need to run smoothly. If a
backup does not exist, it can take months, or even years, to rebuild the documents.

In addition to stealing information there have been many accounts of hackers tricking employees into
transferring company funds.

Halt of operations

Data breaches are almost always unexpected and cause a disruption in operations if a mitigation plan
was not arranged beforehand. Work may not be able to resume as normal without the critical data that
was stolen. Since it can take some time to recover or rebuild data, the business may have to pause
working conditions until it is resolved.

Hit to company reputation

Nothing truly disappears on the internet. If a business faces a data breach, it may attract negative publicity
and decrease the trust customers have in the company. In the long term this might impact potential new
business opportunities, talent recruitment and overall dependency. This is why it’s so important to do
everything possible to prevent a breach in the first place, but if you do suffer a breach, transparency is
key. Inform your customers immediately of the breach. Once you know exactly what data was
compromised, share this information as well. Rebuilding a company’s reputation after an incident like this
can take a great deal of time and patience.

Loss of business and revenue

Reputational damage could also lead to a loss of customers and, in turn, a decrease in sales. With
customers having less trust in the company, you will likely lose business and as a result, lose revenue.
The business will also lose revenue by having the extra expense of remedying the data breach. Add to
this the potential legal fees and compensation to customers and you can see the detrimental long-term
effects a data breach can have on your business. So how can businesses prevent these risks in the first
place?

Educate employees

Not everyone is aware of cybersecurity safety tips, so it is critical to ensure everyone is on the same page
with best practices within the company. In fact, according to a study by IBM, 95% of cyber attacks are
caused by human error. Host a brief, refresher lesson every so often to make sure employees remember
the safety tips and use them in their everyday tasks.

Cyber Defense eMagazine – September 2022 Edition 84
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