While it’s true that smaller businesses may seem like they have less to lose, nearly 43% of cybercrime targets small business. Last year alone, 430 million new versions of malware were launched into the business world… That’s the price you pay for having an online presence.
Cyber shenanigans can be a killer to any company’s bottom line, but smaller businesses are especially vulnerable. Often times, they aren’t properly insured against these kinds of risks and even just one instance of cybercrime can force them to close their doors.
Here are 5 ways that cybercrime can hurt your small business.
#1. Loss of reputation
If a business loses its customers’ data, there’s a strong chance that these customers will lose confidence and leave. In fact, a business’ reputation can be taken down by a single cyber attack, and the confidence that customers have in that brand’s reputation can be nearly impossible to regain.
#2. Lost customers
Small businesses rely on the trust between themselves and their customers. A loss of trust leads to a loss of customers, who can be less than forgiving when their data and privacy is comprised. Not only can it be tough to rebuild the trust with their existing customers, but new customers will be harder to get onboard.
#3. Legal obstacles
A security breach invites great legal liability… Especially if a business fails to have any sort of security standards in place. One of the key ways for a business to protect itself is to implement satisfactory security measures and get cyber insurance.
#4. Increased expenses
A cyber attack not only results in the loss of data, customer trust, and reputation, it also means that time and money must be spent developing a solution to the problem. For instance, there may be a need to hire expensive specialists.
#5. Decreased revenue
Spam, ransomware, and phishing are currently the most common forms of cybercrime that small businesses face. And if even 1 of these cybercrimes takes place, it can result in stopping business operations… Which means a loss of revenue.
Protect your small business
Cybercriminals are after your customer records, contact lists, employee info, company banking info, servers, and computer access. The truth is cyber insurance is fast-becoming a necessity for small businesses. As one of the newest types of insurance out there, this product is designed to help protect your business from risks related to the cyber world.
King Price has introduced what your business needs with cybersure, which covers your business’ computer systems, software, and data, and also protects your business against liability arising from cyber-attacks.
Not only that, but to raise crucial awareness about cyber safety, the fun-loving insurer has launched a super cool online game to test your gaming skills and get you thinking about your cyber safety. You can even win R1 million in Bitcoin or cash!
Just visit cybersure.co.za from 8 October 2017 – 28 February 2018, and play all 3 levels of the game to be entered into the random draw. 8 finalists will be drawn to play a live knock-out round to determine the 3 final winners for that R1 million in Bitcoin or cash.
For more about cybersure, visit kingprice.co.za or pop an email to cybersure@kingprice.co.za
Edited By: Darryl Linington
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