New business opportunities are always emerging yearly, and as this happens so do new issues and challenges that appear because of change in innovation, perspectives, and legislation. Sometimes entrepreneurs are not aware of these issues they face and it is not because they failed to do proper research on their business. With the advancement in technology and globalization, new threats to businesses are a guarantee. The most recent issue affecting most businesses in this century is cybercrime. The internet has continued being easily accessible hence more information is collected and shared online and criminals have decided to take this to their advantage. Despite the various measures taken and awareness created in regards to cyber attacks it still remains an extensive attack that is still occurring.
One may think that the issue of cybercrime affects big multi-millionaire businesses, but they are not the only victims. In fact, it is as a result of this reasoning that small businesses seem to be hacked more often as owners do not think they have anything worthy of criminals. But, customers’ credit cards and other sensitive data are in the database of such businesses. The types of cyber crimes are increasing and therefore need different preventative measures. Ransomware has been affecting companies of all sizes all over the world. It is a type of malware designed to lockout an organization’s users from accessing their files until a certain ransom is paid (Daisyme). In most cases even after the ransom is paid the data is lost. It is therefore important to back up a firm’s data so that in the event such an attack occurs you will not be compelled to pay the ransom.
It is also advisable for a business to always ensure the cybersecurity software it uses is not only up to date but also of high standards. The truth is that there can never be an end to the growth of this cybercrime epidemic; it is therefore upon businesses to become more resilient and increase their defenses. If there is still a means through which a cybercriminal can get some money, the attacks will continue. Businesses managers should invest their time in being diligent with what they know in regard to new cybercrimes. The cybersecurity of a company ought to be evaluated with the aid of an expert who will be proficient in identifying vulnerabilities.
As a business person, one should understand what impact a cyber attack will have on his or her business- it can go from damaging business reputation to resulting in losses for a business. Having a proper understanding of the various ways through which criminals can affect a business makes it easy to stay ahead of their tactics of breaching data. Cybercrime not only threatens reputation but also damages intellectual property. For instance, a cyber attack might steal a company’s marketing campaigns, ideas, or expansion plans. If this happens a business might lose its competitive edge over other firms in the industry. A criminal who steals such information and exposes them to competitors will cost business months if not years of valuable work. And this will be a big blow on growth and revenue gains that would have been earned had it not been for the attack. A business owner who is aware of all these is at a better place of avoiding falling victim to losing intellectual property.
Daisyme, Peter. “5 Critical Business Issues In 2018 And Beyond To Consider.” Forbes, 16 July 2018, www.forbes.com/sites/theyec/2018/07/13/5-critical-business-issues-in-2018-and-beyond-to-consider/#2242c990535f. Accessed 13 Mar. 2019.