How Poor Cyber Protection Can Hurt Your Business

 You can also lose customers, insurance, or support.

Photo by Christopher Gower on Unsplash

Having cybersecurity precautions means taking the risk of losing data. But that’s not all. You can also lose customers, insurance, or support.

65% of businesses worldwide reported an increase in cyberattacks during the outbreak. It’s no longer a secret that small and medium-sized businesses are not spared from this miracle. Associations don’t always have in mind the impacts that bad “cyber protection” can have. 

Loss of business

There is immediate damage -loss of data, backup costs, and servers to secure- and there is other damage. Like the loss of implicit business. To win bids or find new mates, it’s imperative to have a clean slate when it comes to cybersecurity. And having a good score is a real asset. Before working with a vendor, a large group is going to make sure that the vendor has a good cyber posture. It makes sense. If a supplier is defended and a cyberattack takes out their product line, it can impact their client’s bottom line. It’s the same thing happening in cybersecurity. Everyone needs to be comforted.

More and more, external providers are connecting to their customers’ networks. They can’t force a particular antivirus on them, nor can they spend a particular budget on cybersecurity issues. But they can cover them. This is what we offer: as soon as someone connects to the network of one of our hosts, we dissect their behavior, but we block them if they use a hacker computer. It’s conceivable that if there are repeated incidents with providers, companies will stop using them.

Loss of insurance

In an encyclopedic way, it’s tricky to talk about cybersecurity with anyone other than CIOs or CISOs. Cyber Scores are a way to show the practicality of commodities to higher-level operations. Beyond the threat of having your score lowered, there are real-world consequences. Cyber insurance companies offer advanced rates to under-defended companies. In some cases, they even refuse to insure them outright.

The loss of support

Of course, insurance companies aren’t the only ones interested in corporate health. Banks and investment funds are interested in this type of information. It’s not about making a plutocrat look like someone who stands to lose everything to a cyberattack. Cyber posture is an integral part of the valuation conversation. Cyber threats may lead to the implicit destruction of data, but they lead to the certain destruction of value.