Learn about the different types of cyberattacks, how they affect your business and how to protect yourself from them.
Cybercriminals can exploit computers and other networked devices to spread malware, disrupt computer systems or software and steal data.
The impacts and consequences of online attacks can be very real, sometimes destructive.
With the growing number of security cameras and other equipment connected to the Internet or internal networks today, physical security solutions can also be a potential target for cyberattacks. In addition, the increasing integration between IT and OT systems also exposes operating systems to cyberattacks.
That’s why, at BENIJAH Consulting, we specialize in securing your information assets and operating technologies.
Motivations and methods of cyber attacks
Cyber attacks can have many motivations, including political and military, curiosity, a desire to demonstrate one’s skills in circumventing online security systems, or simply a desire to cause panic. But most of the time, money is the main reason for these cyberattacks.
Spyware
Some hackers install malware called “spyware” on victims’ computers to steal their passwords, or create fake websites that look like those of banks or online businesses to trick victims into providing their credit card or password information to access their bank accounts.
Ransomware
Other hackers install another type of malware, called ransomware, to block access to critical data or systems unless the victim pays to regain access. According to Cybersecurity Ventures, the global cost associated with ransomware alone is expected to reach $20 billion in 2021, up from $11.5 billion in 2019 and $5 billion in 2017.
The financial impact of cyber attacks
Even if the goal of the attack is not specifically to steal money or force someone to send money, there is often a financial cost:
- Companies face legal, regulatory and technical costs to recover from a breach.
- Businesses lose productivity when the software they depend on doesn’t work because of malware.
- Businesses may face downtime and lost productivity due to network problems or website outages (due to distributed denial of service (DDoS) attacks, for example).
- Victims often have to pay to restore or replace damaged devices, or to fix the code of compromised websites.
- Customers lose trust when their data is hacked, which drives down revenue. According to the IBM/Ponemon study, the average cost of lost business opportunities due to loss of trust is $1.52 million, or about 40 percent of the total cost of a hack.
How cyberattacks can affect small businesses
You may think your business is too small to be a target of cyberattacks. Yet most cyberattacks, such as malware spread through phishing emails, don’t target a specific victim. Anyone can be affected.
Whether your company has 10 or 10,000 employees, your systems can be compromised instantly when someone unintentionally clicks on a bad link.
The IBM/Ponemon report notes that while the average cost of cyberattacks for small businesses is generally lower than for large companies, the financial impact is much harder to recover from:
- The average cost of a cyberattack for companies with more than 25,000 employees would be $4.25 million.
- The average cost of a cyberattack for companies with 5,001 to 10,000 employees would be $4.72 million in 2020, up from $4.41 million in 2019.
- The cost for small businesses with 500 to 1,000 employees would be $2.53 million in 2020.
This means that the average cost of an attack per employee for a small business is much higher than for a large business.
What is the impact of a data breach?
According to this study, the impact of a data breach can be felt for years. While the first year is the hardest hit, companies still face residual effects such as employee turnover and loss of brand trust.
On average, 61% of the costs were incurred in the first year, 24% in the following year and 15% two or more years after the incident.
Summary
Cyberattacks can cost your business money and time, threaten your reputation and privacy, and disrupt your business years after the incident. Fortunately, there are ways for you to reduce these risks.
At BENIJAH Consulting, we are constantly working with our clients and partners to provide solutions that offer the best possible protection, now and in the future. We provide customized solutions to our clients and are constantly involved in the development of innovative solutions. Indeed, we place innovation at the center of what we do. Browse our site or write to us to learn more about our approach and our methods of intervention. We will be happy to help you secure your business.