What if my Business is Hacked?

Posted By: Helen Saturday 26th October 2019Tags: , , ,

With Halloween approaching we thought we’d pose the scary question ‘What will happen if my business is hacked’? Unfortunately, the answers aren’t too great, which is why we constantly and consistently recommend the right level of IT Support in the first instance. Today we are looking at the consequences of a potential breach but don’t worry, we will also provide advice on how to avoid these in the first place.

Sales Losses: The Harsh Truth

Just seeing the words above is enough to make any stomach drop with anxiety! In a digital age, bad news travels faster than the speed of light. If you’ve been a victim of a website hack, the chances are, people will avoid your business.

A Glimmer of Hope: With the right recovery services in place and a strong, positive marketing presence, you can be up and running again quickly whilst providing the relevant assurances.

Damaged Reputation: The Harsh Truth

Hacking can quickly damage the good reputation a brand has built steadily over time. Unfortunate as it is, winning customer trust is like ‘Everest’ of the business world. Once broken, it becomes a ‘double Everest’ to win it back!

A Glimmer of Hope: Remaining vocal and staying in touch with customers and your audience gives you the best chance of maintaining reputation. You will need to spend time, effort and money on marketing, PR efforts and reputation management but it’s not impossible.

Compensation Costs: The Harsh Truth

We’ve spoken about reputation already and compensation may be the cost you have to pay in order to retain customers. Offering assurances through a free credit monitoring service or even identity theft insurance will be an additional monthly invoice for your business.

A Glimmer of Hope: Whilst not ideal, retention is key to moving forwards so if it’s viable, this cost could be the difference between keeping and losing a customer.

Legal Action: The Harsh Truth

If a hack has resulted in a breach and this is down to mistakes your company has made, you could well be looking at a lawsuit. Unfortunately, the costs attached to such situations can be rather large.

A Glimmer of Hope:  Double check insurance policies. You may be insured for such a breach therefore able to cover costs. This is only a possibility though. 

Fines:The Harsh Truth

If people have the ability to purchase products and services on your website and have used a credit card, they will not be required to foot the bill. That’s great news and should technically be found in our next ‘glimmer of hope’. However, because the breach has happened on your website, the bank will charge your company the amount as a fine.

A Glimmer of Hope: We’re still looking for one……..

Remediation Costs: The Harsh Truth

On top of all the factors listed above, there are internal costs to consider:

  • Investigation Costs
  • IT Support & Security Costs
  • Fees to Hire Additional Services to Rectify Issues
  • Costs Attached to Remediation of Internal Information

A Glimmer of Hope: OK, there’s no getting away from these costs but opting for the right company to help should keep these costs as affordable as possible.

It’s not a great list is it? The knock on effect of a breach has the potential to ruin a business. Harsh, but true.

Avoid Being Hacked in the First Instance

An IT Security policy should sit alongside the numerous others a company has in place. To ensure you’re effectively covered you require the right level of IT support from the beginning.

Cyber Security Audit: It’s the best place to start. Request an audit to see how secure you are and work from there.

IT Security: This specific type of security goes beyond the realms of antivirus protection (although VERY important). With enhances IT security firmly in place, systems are kept safe and operational whilst a business has peace of mind. A good service provider will help create you the right policy. 

Data Recovery: If you have data recovery services already in place, losses are completely minimised. Less time and money will need to be spent on picking up the pieces.

Having the right defences in place to begin with is fundamental to the running of every business. How secure are you?