How bad can a security breach get? In March 2021, hackers gained access to security cameras from start-up security system supplier Verkada. As a result, hackers were able to see footage from hospitals and schools. The breach also affected clients like Tesla. Overall, hackers accessed 150,000 video feeds through a “Super Admin” account they found online. To protect your business from both present and future attacks, cyber security companies offer solutions to lessen risks.
Understanding cyber security risks
The Verkada event is only one of many. In 2020, over 1,000 data breaches took place. As a result, hackers exposed more than 155 million records.
No one is safe from these attacks. Indeed, as Verkada proves, start-ups and small businesses are just as susceptible as large ones. In fact, 43% of cyber attacks target small businesses.
What are the consequences of a data breach?
The average cost of a data breach is $3.86 million. These costs may hit your business in different forms, such as:
- Lost revenue. At first, the attack will cause downtime. In other words, your business may come to a standstill. In the end, that leads to lost revenue.
- Fines. You might face fines for losing your clients’ personal data. If any of your contracts rely on data security, those can be escalated as well.
- Customer loyalty. As news of the breach spreads, customers will avoid your brand. You’ll have to regain their trust, if possible.
Judging the damage caused by a cyber attack can be hard. After all, it takes 280 days on average for victims to even notice a data breach. Besides, some effects like loss of reputation aren’t easily quantifiable. Nonetheless, it can ruin a business just the same.
How can cyber security companies mitigate risks?
The best way to deal with cyber risks is to be proactive. For example, you can update your security practices. Simple changes like a new password policy can reduce risks greatly. Also, providing training can decrease the risks of human error. This factor plays a role in 90% of data breaches.
But you can go further by getting help from a cyber security partner. Cyber security companies can help by:
- Assessing risks and finding proper solutions.
- Installing antivirus protection.
- Using a firewall to prevent unapproved connections.
- Rolling out multi-factor authentication.
- Providing you with tools to support your password policy.
- Using real-time monitoring to spot weird activity on your network.
- Developing controls to stop hackers from getting sensitive data.
- Backing up important data, a crucial step for stopping data loss.
- Creating a recovery plan to limit downtime.
- Monitoring the dark web to find stolen data.
- Helping you stay up to date with the latest threats.
Don’t let a cyber attack put you in a tough spot. Instead, be proactive by getting help from a cyber security company.
SecureTech is a managed IT services provider in San Antonio, TX. We can execute the solutions outlined above to keep your business safe. Contact us today to find out more!