Cybersecurity is an issue that more and more businesses are taking seriously – and with good reason. Without a successful cybersecurity strategy, it is all too easy for hackers to gain access to your firm's data, putting your company at risk, as well as your customers. While small businesses also need to focus on cybersecurity, larger companies often are the subject of attacks by ultra sophisticated hackers. Read the following blog post to find out why big business is in the firing line.
Numerous hackers are very interested in targeting larger businesses as they see them as a bigger single target, and the profit from one attack being successful could be much bigger than with smaller companies. Furthermore, a company is only as secure as the weakest link in its chain, and in most cases that chain comprises hundreds, if not more, employees, all with passwords and access to data of varying levels of sensitivity, not to mention personal mobile devices that are used to access the company’s files.
Big businesses are using the services of the likes of Allot's Network Secure, and a big part of their motivation is not wanting to suffer any reputational damage because of a cybersecurity breach. Larger companies are out in the public eye and negative news stories spread a lot more quickly about them. As you are probably all too aware, big business leaks get a huge amount of media coverage. It is likely to make customers think twice about opening up an account with your company or putting in their personal payment or credit card details. Once reputational damage has occurred, it can take a huge effort to gain it back all over again.
Opening the Door for Competitors
Big businesses need to be on their toes. Otherwise, competitors are going to try and take advantage and win your share of customers. A big part of this is down to the reputational damage mentioned above. Ultimately, if customers feel like they can rely on your company, it is much more likely that they are going to keep coming back to you time and time again.
Loss of Investors
Not only could you end up shedding customers as a result of data breaches at your big business, but you could also start to lose your investors as well. A big part of this is down to the fact that they put their trust in your business and could easily lose confidence in the business to keep delivering. For example, investors may disapprove of the direction that a CEO intends to take the company, or they may disapprove of one decision, such as the issuance of new debt in the form of a bond.
Also, if they suspect that you are going to start hemorrhaging customers, they may decide that their money is better invested somewhere else entirely. As a solution to that, you can try to find startup investors again.
Protect Your Staff Members
When you run a large company, you have an even bigger level of responsibility with regards to supporting your staff members and protecting their livelihoods. If your business suffers from a data breach, this could end up in your staff losing their jobs due to a decreased level of demand.
Ultimately, for the reasons listed above and many more as well, it is vitally important that big businesses put an emphasis on cybersecurity. We live in a world in which more and more of our lives are moving online, and this is certainly the case for big businesses, which in many ways are at the vanguard of the digitalization of life.