Organizations and businesses of all sizes and industries are facing a mounting threat: cyberattacks. As advancements are continuing to be made with AI and machine learning, cyber threats are becoming more frequent and sophisticated. Even with common security tools, that is not enough — organizations need a multi-layered security strategy to safeguard their infrastructure, network, data, and team from all angles. Without a proper strategy in place, organizations may face dangerous consequences.
As a trusted managed IT service provider for over 20 years, Varsity understands the importance of prioritizing cybersecurity and strives to educate all of our clients. Here, we will explore the mistake of not prioritizing this critical business component and the detrimental impact it can have on your entire organization.
Financial Consequences:
The financial repercussions of a cyberattack can be devastating. Data breaches and cyber incidents often result in significant financial losses — in fact, a report from IBM found that the average cost of a data breach in the United States is $9.44 million. The immediate costs of responding to a cyber incident are enough to be detrimental to many businesses and organizations — they can easily drain resources and hinder normal business operations. What’s more, organizations can face legal consequences, fines, and potential lawsuits from affected customers or stakeholders.
Data Theft:
One of the most significant risks of neglecting cybersecurity is the potential of data loss — from sensitive customer information to important documents. If this data becomes stolen or compromised, it can be sold to competitors or even published on the dark web, causing damage to your organization’s mission and future. Shockingly, a report from the Palo Alto 2022 Unit 42 found that businesses saw an 85% rise in incidents that “involved employees having their names and personal data dumped publicly on the dark web.” This is when the right data backup and recovery solutions become paramount so your most important assets can be recovered in the event of a data breach.
Damage to Trust and Reputation:
A robust and trustworthy reputation takes years to build, but it can be destroyed in an instant due to a cyber incident. When customers learn that their personal information has been compromised or their trust has been violated, it can be difficult to rebuild from that. Beyond customer distrust, negative publicity can also hurt an organization’s brand’s image and partnership opportunities. It takes time to rebuild trust after a damaging cyber attack, and unfortunately, some businesses never recover.
Operational Damage:
Cyberattacks can destroy operations, leading to significant disruptions and downtime. For example, ransomware attacks can encrypt critical data and hold it hostage until a ransom is paid. These types of incidents can bring business operations to a standstill, resulting in productivity losses, missed deadlines, and dissatisfied customers. In fact, ransomware attacks result in an average of 16 days of downtime. If a cyber attack occurs, it also takes valuable resources away from core business activities and further impacts your organization’s operations.
Legal and Compliance Risks:
Data privacy regulations have become increasingly strict, with penalties for non-compliance growing more severe. Organizations that neglect cybersecurity measures not only put their data at risk, but may also face potential legal repercussions. It all comes down to maintaining proper cybersecurity protocols based on your industry-specific regulations.
Stay Secure With Varsity
Now is the time to prioritize cybersecurity, and Varsity can help. By proactively investing in cybersecurity, organizations can protect their operations, preserve their reputation, and mitigate the damaging consequences of a cyber incident. Varsity is here to help your organization develop a customized, well-rounded cybersecurity defense that gives you the peace of mind you need to stay protected. With our proactive, long-term approach, we are committed to meeting your immediate security needs while planning ahead for your future growth.
