5 ways a cyber security breach could damage your business
A cyber security breach can have devastating consequences for any business, no matter the size or sector. The negative effects of data theft, for example, can be far-reaching and long-lasting. Here, the IT experts at incovo discuss the top five ways a cyber security breach could damage your business and reveal how we can help protect your business, data, customers, profits and reputation.
- Reputational damage
Businesses can spend years building a customer base, forming a reliable reputation and earning the trust of their clientele. Yet all that can be gone in just a matter of minutes. Failure to protect customers’ personal data from cyber criminals can result in a significant loss of trust in the brand. And when consumers lose trust, they move their custom elsewhere, resulting in a direct impact on the business’ bottom line.
- Financial loss
The financial resources needed to rectify the damage resulting from a cyber breach can be significant. The knock-on effects, in terms of things such as increased insurance premiums, can also be costly.
- Operational disruption
Cyber breaches can take considerable time and effort to rectify, during which time the day-to-day operations of the business can be severely disrupted. This can cause a great deal of frustration for all concerned – employees and customers alike.
- Penalties for loss of data
Failure to comply with data protection legislation can result in a hefty financial penalty. In May 2018, the General Data Protection Regulation (GDPR) came into effect in the EU. As a result of this legislation, fines for data violations can reach up to €20million or 4% of a firm’s global annual revenue (whichever is larger), per violation. In 2020, European data agencies issued a total of €159million in fines for violations of GDPR, the highest single penalty being that imposed by French authorities to Google who were ordered to pay €55million.
- Data theft
Intellectual property, trade secrets, copyrighted material and sensitive data need to be protected at all times. A cyber security breach can result in data being accessed by hackers and sold for considerable sums of money on the Dark Web.
Protect your business
Here at incovo, our highly skilled IT team have extensive experience in protecting businesses monitoring devices and systems, responding to threats, and averting crises. Businesses from across Scotland and the UK rely on incovo because:
- We offer a comprehensive range of managed cyber security services
- We pride ourselves on our proactive approach which ensures your infrastructure is always up to date
- We provide intelligent cloud back-up and disaster recovery solutions, should the worst happen
- We deliver cyber awareness training and can tailor sessions to suit your organisation, so every member of your team understands the importance of cyber security
Proud to be a fully accredited Sophos Partner status
incovo is a fully accredited Sophos partner, enjoying exclusive Silver status. We therefore have full access to their range of managed Threat Response (MTR) services.
MTR is a 24/7 service which continually searches for online threats. If and when they are detected, a team of cyber security experts can respond to them immediately – containing and neutralising them to prevent damage to your business.
Sophos provides some of the best MTR services available on the market. In fact, MTR from Sophos was crowned the winner of the ‘Best Managed Security Services Offering’ award at the Channel Partner Insights Innovation Awards 2020.
For more cyber security advice, call 0345 450 8400 or email firstname.lastname@example.org to arrange a chat with one of our IT experts. We can carry out a full cyber audit of your organisation, highlight any potential areas of weakness, make recommendations to ensure you’re fully protected, and deliver cutting edge solutions to protect your business.