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If you have an online business, whether it be a blog, e-commerce store, selling digital products, etc, then you really need to read this article.
Cyberattacks are increasing day by day and they are disrupting the flow of business for many companies, non-profit organizations, and government agencies.
When a cyber-attack hits a business, it can cause so much damage that the business will have to go offline for a few days to fix the issue.
If a company has to go offline, they are more than likely going to lose significant revenue and customers, and it may be hard for them to stay in business.
Needless to say, things can end up very badly.
If you’ve never experienced a cyber attack, then consider yourself lucky.
In this article, we will explore 7 Ways a Cyberattack Can Devastate Your Online Business.
So without further ado…let’s begin.
To start off, the first way a cyber attack can devastate your online business is by it causing you to lose customers.
If your business gets hacked and your customer’s sensitive data gets exposed such as email addresses, social security numbers, credit card numbers, etc….then you can pretty much kiss your customer base goodbye.
Once customers’ sensitive information gets leaked, and they are informed of a data breach, they are going to leave your business and pass the word around that you are not properly securing and protecting sensitive information.
And with them leaving your business, you will lose revenue.
If your online business gets hit by a cyberattack, you will more than likely lose money.
The first way you will lose money is from loss of sales. If your website goes down and is not operational for a certain amount of time, you will not be able to make any sales.
The second way you will lose money is that customers will lose trust in your business. Once the word is out that your website got hacked, customers will go to your competitors to conduct business.
The third way, is that it’s going to cost you money to repair your systems. More than likely you will have to hire outside cybersecurity specialists to clean up and repair your systems. The amount of money this can cost can be exponential, but it’s a necessary evil to get your online business up & running again.
Damage Your Reputation
A cyber attack can severely damage your online business’s reputation.
Clients and customers that once trusted you with their data and information, will leave and spread bad news about your online business.
And let’s not even mention the bad PR and press that your business will get. It will scare even more potential clients and customers away.
Sensitive Data Gets Stolen
One main reason hackers hack websites and businesses is so that they can steal sensitive data such as credit card numbers, social security numbers, etc, and sell it on the dark web/black market.
Once this data gets stolen & exposed, this puts other people’s private and financial life in danger.
A company is responsible for securing all data, and if that security is broken and sensitive data gets leaked, it can be held liable for damages in a court of law.
Spend Lots of Money Trying to Fix
Look let’s be honest about cyber attacks.
The damage that these attacks can cause to your business can be immense, and fixing & cleaning up your systems can be very costly.
Cyber Security Specialists are very expensive and rightfully so. They have the knowledge, skills, and abilities to clean up viruses, stop data leaks, etc, and they are going to charge a premium for their services….and rightfully so.
Operations Have to Cease
When an online business is hit by a cyberattack, the business will have to shut down until everything is fixed and back to normal.
When operations cease, the business is at a standstill not making any money, and the employees are unproductive because they can’t really do anything.
The key to not losing out on too much revenue and productivity is to hire a competent cyber security firm that can have your business back online as fast as possible.
The last way a cyberattack can devastate your online business is by causing legal issues.
Legal issues usually arise when customers’ private information gets leaked in a data breach.
When customers’ private data is leaked and sold on the internet, they have the right to file a class-action lawsuit against the company, and it can cost the company thousands of dollars in legal fees.
Legal issues are not only expensive but can be extremely stressful which can cause a company to shut down for good to alleviate the stress.
That’s all I have for you today. I hope you learned something valuable in this article.
If you have an online business, do everything possible to secure your site and data so you don’t fall victim to a devastating cyberattack.
That’s all for now, see you next time!