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4 Ways Cyber Security Threats Can Hurt Your Reputation

The world has gone almost completely digital nowadays. The majority of companies are following this trend by undergoing a digital transformation. Needless to say, a digital transformation is meant to make companies more agile, efficient and productive. 

However, very few companies fully realize the threats of operating in the digital world. The fact of the matter is companies today are so focused on building their brands, investing in marketing and developing good relations with their customers that they’re neglecting the fact that a single cyber-attack can ruin years of work in an instant. 

By allocating most of their funds into vital operations, companies usually forget to adequately protect themselves from security threats that lurk in the online world. That’s why the first thing to go is reputation when a cyber attack actually happens. With that in mind, here are a few ways cyber security threats can hurt your reputation.

Advanced technologies are a double-edged sword

Today, we live in a world where AI (Artificial Intelligence) and IoT (Internet of Things) are empowering various companies. As advanced as these technologies may be, companies are unaware of the risks they possess. 

Of course, these technologies are quite beneficial. They can provide businesses with vital information about consumers and their buying decisions. However, these technologies also broaden the possibilities of a cyber attack. If not properly protected, hackers can use these technologies to steal vital information or highjack the devices to launch a cyber attack. 

For instance, back in 2016, prior to the U.S. presidential elections, hackers used various IoT devices ranging from baby monitors to voice assistants to launch the biggest DDoS (Distributed Denial of Service) attack that brought down many companies and institutions. 

Companies that have fallen victim to the attacks have to deal with reputation damage in addition to everything else. If you let consumers down even once, regardless of the reason, it becomes very difficult to recover your lost reputation.

Ignoring the issue

Even though many companies realize cyber threats are a serious issue and more often than not they still fail to address the threat properly. The biggest issues usually involve a lack of funding, negligence, lack of information and a lack of education. In other words, company owners either don’t want to or neglect to educate themselves about the risks of cyber security. 

Moreover, they either won’t or don’t know how to invest in IT to enhance their cyber security. In fact, companies spend 3.3% of their revenue on IT and only a small portion goes to cyber security. However, a lot who complete a cyber security course online are ready to get into the industry that desperately needs security professionals. 

Many companies claim cyber threats are a growing concern for them and they’re willing to do something about it. This is especially true for small businesses that are a common target for such threats, and 70% of SMBs never recover from a cyber attack due to reputation damage.

Your Reputation on Thin Ice

Reputation in the online world is a fragile thing. It takes years and a lot of funds to build a good reputation within the community. But that can all be ruined in a second if the right precautions are not taken. The main reason is that cyber attacks can easily sever the bond and relationship between a brand and their customers. 

Many things can go wrong in the case of a cyber threat. Problems, such as data theft, sabotage, downtime and so on, can hurt a company’s reputation. However, the real issue here is companies don’t have risk management protocols in place to minimize or mitigate the damage of an attack. 

From a public point of view, such companies are unsafe to do business with, which leads to an increasing number of trust issues. Once the trust is lost it may take many years for a company to regain that trust and get back on track. That’s why it’s important to be proactive and prepare for the worst-case scenario instead of mending the damage afterwards.

Lack of Vision

Just like modern technology, cyber threats evolve and become more sophisticated over the years. Companies that do, indeed, focus on cyber security today usually lack the vision for the future. In other words, cyber security is an ongoing effort. 

You must update and upgrade your security at all times to ensure proper protection from cyber attacks. This is pretty much the same as maintaining a good reputation once you’ve established it. You want to ensure that nothing damages or ruins it. 

The same goes for cyber security. You cannot rely on obsolete technologies and protocol if you want to keep up with the evolving threats. One good example is creating a company culture that focuses on cyber security. That way you can educate employees about the emerging threats and ways to defend against and prevent such threats, in the first place. 

A good reputation in the online world is difficult to achieve but very easy to lose. Cyber security stands as a vanguard in protecting companies from threats that can cause harm to their reputation. That’s why it’s of vital importance that companies become more aware of the treats, as well as do more about enhancing their security measures. 

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  1. mobilintec

    of course, a company that often uses the internet network for access to work. it seems necessary to use an expert in the IT world to be able to protect the theft of important data and documents belonging to the company.

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