How a cyberattack could upend your business

February 17th, 2020

Do you think your business is too small to attract the attention of information thieves? Think again. Small and medium companies are routinely targeted by cybercriminals, often because they don’t have the same emphasis on security and the same level of watchfulness that larger organizations do. They also often lack the resources that large companies have to prevent cyberattacks.

How common are cyberattacks?

When small and medium-sized businesses were surveyed in 2018, fully 67% had experienced an online attack on their security. That was a 6% increase over just the previous year. That’s a clear indication that cybercriminals are not slowing down.

Where are attacks coming from?

Attacks can come from anywhere, even overseas, but 60% of attacks are related to security lapses by employees or contractors.

What kind of attacks are common?

According to the most recent reports, businesses see:

  • Malware attacks from programs that infect their system
  • Phishing, which seeks to duplicate the company’s appearance and trick people into revealing personal information
  • Denial of service attacks, which can shut down a company’s entire operation until it stops
  • Man-in-the-middle attacks, where cybercriminals find a way to intercept data transmitted from one party to another
  • Zero-day exploits, where criminals rush to exploit an opening in your cybersecurity the moment it becomes known (before you can patch it)

Any attack on your security is likely to make customers, distributors, contractors, business partners and employees nervous about the security of their information — and that makes them leery to do business with you. Unfair or not, your company can end up victimized twice: First by the cyberattack itself and then by lawsuits over the data breach, if it cost your business associates, employees or customers any losses.

If your company is under fire due to security lapses, find out how experienced legal assistance can help you keep the consequences to a minimum and get your business back on track.

Categories: Business Litigation