Cybersecurity for online businesses is an important aspect that MUST NOT be overlooked. Hackers all around the world are on high alert and scouring the internet every minute to look for vulnerabilities and security loopholes to exploit. Leaving anything to chance for that single minute will spell doom for you and your online shop. Every year, cyber-attacks on businesses are almost tripling; targeting businesses of all sizes. You are an active target as you have any online presence.
As businesses and workplaces become more tech-advanced, the risk for cyberattacks becomes even more heightened. Indeed, studies show that ransomware attacks on businesses increased by 300% between 2015 and 2017. The impact is always devastating, more so for relatively big businesses with astronomical profits.
How Important is Cybersecurity For Online Businesses
All businesses thrive on the ability to reach out to clients and communicate the right message via multiple channels. The use of search engines comes in handy. To be able to gain that trust and rank high on search engines, your site has to be secure. ‘HTTPS’ is a key ranking signal for most search engines. Installing an SSL Certificate on your site will allow you preferential treatment in Search Engine Rankings.
Not having the SSL Certificate installed will achieve the opposite results. Your rankings will be degraded and the trust that comes with it from clients will not be there. This will hurt your dealings and clients will be reluctant to purchase from you knowing well that their security is not guaranteed.
Another key impact of cybersecurity for online businesses is the financial impact of the downtime caused by a cyberattack. During an attack and in the aftermath, depending on how soon services can be restored, businesses may lose a lot of money in failed or challenged transactions because the site is offline or lagging. If the downtime is as long as a day or so, clients may start turning away and look for alternatives rather than wait for your online shop to come online. In this highly competitive environment, you should never bet on the fact that your clients may bare with you as you recover from an attack; if you are not available, the alternative will benefit from your market share. It is, therefore, very important that you secure your data and your online shop well enough to keep out attacks.
Besides the monetary effect and the cost accrued, the impact on the brand is also something to worry about. A frustrated customer will have their faith in your brand wiped away whenever they feel their security is not guaranteed. This is especially true amongst sensitive businesses like those handling financial details, personal details and other sensitive data for clients. Once reports come out that your business is not that secure, the perception will be that the entire brand is a hoax.
It is also worth noting that some clients may decide to press charges against your online business if a cyberattack on your side leads to a massive loss of data. This will derail brand reputation and what’s more, you may be compelled to compensate each of the affected clients. Such cases, along with legal fees, may leave your online business on its knees, if not completely bankrupt.
Cybersecurity for online businesses is important regardless of the size of the business. If you are going to build that trust and reputation amongst your client base, keeping out cyberattacks as far as possible is the way to go. You should employ the necessary measures to guard against cyberattacks.
Ensure you always update your business software.
Train employees on the dos and don’ts of email phishing campaigns.
Implement two-factor and email authentication.
There are many effective ways of preventing cyberattacks, and all it takes to start is the realization that no business is immune to hacking.