Cyber security is also important because if your data is accessed without permission, it could be used for fraudulent purposes. Transactions that you have not approved could be made in your name which could not only cost you money immediately, it could also cost you down the track due to loss of reputation and you could also lose your good credit rating if the fraudsters were to default on the transactions. A bad credit rating can take a minimum of 5 years to recover from and if your business relies on loans to fund it then the last thing you want is to have a negative credit rating. Although some businesses offer a credit repair service it can cost thousands of dollars depending on the size of your business. You are best to protect your data from the start and ensure the business has robust cyber security systems in place.
Another huge problem is that once your data has been compromised once it is much easier for it to be compromised again without the adequate cyber security systems, processes and education in place. One other way you can manage your cyber security is to regularly update your software and hardware. It’s a well known fact that some technology giants stop maintenance on older hardware and software after a certain timeframe or when new software or hardware is released. Regular updates means that you are protected from the latest threats which significantly reduces the risk that your cyber systems will be compromised. This is because there are IT professionals working around the clock to ensure that the latest threats are identified and quashed as fast as possible.
Reducing the risk of threats to your business also means that the risk of downtime is minimised. If your cyber security was threatened then there would be some downtime while it was fixed. That would cost you existing customers and it would cost you in future customers because your systems would be inaccessible. A prime example would be an online retail business whose website was hacked. That retail business relies on their website for their business and if it is hacked then all the security systems need to be reset and that can take days when you factor in testing and security checks.