The Growing Problem of Cybercrime for Businesses
Cybercrime is a concern for businesses across most industries. There are high costs associated with victimization as businesses could have their reputation damaged and suffer huge losses in earnings if they are not prepared to deal with cybercrime.
Some types of cybercrime include identity theft, phishing attacks, spyware, and ransomware. Each has varying degrees of gravity and have different prevalences across industries. Some industries exceptionally vulnerable to cybercrime include the healthcare, retail, legal, and manufacturing sectors.
Mitigation of Cybercrime
Companies like Cask LLC provide cybersecurity detection and prevention measures against the various types of cybercrime. They can mimic the movements of cybercriminals to help identify the vulnerabilities in a business’s security system and develop protections against future data breaches.
They can also provide services after a cyberattack has occurred by managing reputation damage and collecting electronic evidence in case of succeeding legal proceedings.
Prevalence of Cybercrime
Research indicates that the most common type of cybercrime conducted against businesses are phishing attacks and that these were primarily conducted through email. Major cyberattacks, those that significantly disrupted an organization’s operations for at least a day, were also found to happen fairly often.
True Cost of Cybercrime
Cybercrime causes more damage and incurs more costs than initially realized. Direct costs include loss of data and information, data recovery, and other necessary security measures.
The company could also suffer collateral effects of cybercrime like damages to reputation and brand identity. Bad press from a data breach leads to public mistrust and a decrease in customer confidence. This will, unfortunately, affect a company’s ability to retain old customers and attract new ones.
It can be difficult to manage a company’s reputation once a major cyberattack occurs and the company loses sensitive customer information. Heavy costs include both initial, data-centered losses and collateral, reputation-based effects. Proactive and preventive measures help to safeguard a business against the different forms of cybercrime, but they may not always be enough to completely prevent these attacks.