4 Hidden Costs of Being Hacked

4 Hidden Costs of Being Hacked

It’s a universal truth that everyone is afraid of their business being hacked. But add to that list of fears the costs of being hacked as well. Ever thought about that? A cyber attack on your business can be very costly. Here, we’re breaking down four main areas of expense when an attack takes place. All the more argument to seek out IT support before your a victim of a hack.

 

  • Loss to Credibility and Reputation of Your Business

      1. Perhaps the most sensitive subject in being hacked is that although it’s typically out of your control, the lasting effect on your reputation is also not in your control. Putting client data at risk is a heavy risk to your credibility and reputation as a business. Having to shut down business, even if only short-term, shows a lack of stability.
  • Loss of Productivity for Your Team

      1. It goes without saying that a cyber attack on your business will significantly impact the productivity of your team. Not only will you need to shut down business, employees will need to change passwords, install new malware software, and much more. All of this takes place on your dime and hurts the productivity of your business.
  • Regulatory Consequences

      1. If you deal with Personally Identifiable Information (PII) or Electronic Health Patient Health Information (ePHI), you’ll need an expert determine if you’ve had a breach. Breaches require specific actions depending on the applicable regulations and amount of records involved. This is a scary and expensive situation that may end if fines or permanent close of business if you’re not taking cybersecurity seriously.
  • Hiring Emergency IT Support

    1. If you don’t have a managed service provider or IT consultant, you will be forced into action when a cyber attack takes place. Hiring last minute IT support is always more expensive that recruiting an existing managed service provider. Not only will you pay a premium for last-minute support, you’ll also be paying for their time to understand the intricacies of your business tech infrastructure before they can begin to solve the problem.

IT support doesn’t have to be an emergency cost when you get hacked. In fact, you can avoid cyber attacks altogether by having recruiting regular IT support for your business. And the best part? IT support doesn’t have to cost a fortune to properly protect your small business from hackers and online thieves. Working with a quality IT service provider, you can tap into their network of knowledge and expertise to create stronger passwords, security software, firewalls, and automatic data backups to prevent future cybersecurity attacks on your business.

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