The risk of cyberattacks increases as more and more businesses store sensitive data online. Many business owners and executive-level managers believe their company will not be targeted by hackers, but this is simply not true.
Take, for example, the ride-hailing and food delivery giant Uber which suffered a devastating network data breach last week.
The company was forced to temporarily shut down several internal communications and engineering systems a few hours after the anonymous teen hacker smugly posted, “Hi @here I announce I am a hacker and Uber has suffered a data breach,” in a channel on Uber’s Slack.
But the damage has already been done. Uber workers were left unable to access Slack, internal websites, and other company tools.
And to make matters worse, the hacker posted several pornographic and NSFW (Not Safe for Work) images on internal employee resource pages.
Perhaps the most surprising thing about the incident is the gall of the attacker. He claimed to be an 18-year-old hacking whiz and bragged to New York Times reporters about the steps he did to gain access to Uber’s systems.
He said he chose to break into Uber’s system because the company had weak security.
This isn’t the first time a hacker has stolen data from Uber. Two hackers stole information from 57 million rider and driver accounts in 2016. The stolen data includes names, phone numbers, and email addresses.
The cyber crooks then approached Uber and demanded a $100,000 payment to delete their copy of the data. The company arranged the payment but kept the breach a secret for a year until it was discovered during a board investigation into its business practices.
The Costs of Being Hacked
The cost of being hacked is at an all-time high. According to reports, a business’s average cost when faced with a data breach rose nearly 15% between May 2020 and March 2021. PricewaterhouseCoopers (PwC) reported over 500 organizations have paid an average of $4.24 million per incident.
These costs include paying for additional security (consultants, pen testers, security vendors, lawyers, and public relations), litigation, and fines by data protection authorities.
Companies that are victims of a hack can suffer not only financial loss but also incur damage to their brand’s reputation.
The reputational cost of being hacked can be significant. 46% of organizations reported having suffered reputational damage due to a data breach, while 19% suffered brand and reputation damage from a third-party security breach.
In addition, a company that has been hacked may find it difficult to attract new customers, as they will be concerned about the safety of their personal information.
One thing is clear: A data breach is a PR and financial disaster.
While big, established companies can confidently ride past the fees and retain many of their customers, the same cannot be said for small to medium-sized businesses.
Hackers are constantly looking for new targets, and small to medium-sized businesses are often easy prey. Many SMEs owners believe they don’t need to worry about cybersecurity because they don’t have anything worth stealing.
However, hackers can use your businesses’ weak cybersecurity to their advantage and wreak havoc on your operations.
Hiring a Cybersecurity Professional is an Investment, Not a Cost
If you wait until your business is hacked to hire a cybersecurity professional, it may be too late. By then, the damage will have been done, and your customers’ data may have been compromised.
Hiring a cybersecurity professional can help protect your business from external and internal attacks.
Cybersecurity professionals are trained to identify and protect against computer security risks. They can help create policies and procedures to avoid or mitigate the effects of a security breach.
In addition, they can provide guidance on how to respond if your company is hacked.
While hiring a cybersecurity professional may seem like an expense, it is actually an investment. The cost of a breach can be much higher than the cost of hiring a professional.
Not only will you have to pay for the damage done, but you also risk losing customers and damaging your brand’s reputation. Hiring a cybersecurity professional is an investment that will pay off in the long run.
So, don’t wait until you’re hacked to hire a cybersecurity professional. Do it now and protect your business.
Final Thoughts
Cybersecurity is one of the most important aspects of keeping a business safe, and yet many businesses don’t have a dedicated cybersecurity professional on staff. This is a huge mistake, as it only takes one security breach to do serious damage to a company’s reputation and bottom line.
The good news is that there are plenty of talented cybersecurity professionals out there looking for work. The bad news is that many businesses don’t know how to recruit them.
By partnering with Jarvis Rose, you won’t risk falling behind in the global competition for cybersecurity talent.
Jarvis are global leaders in cybersecurity recruitment and cybersecurity hiring services. We have successfully sourced and recruited expert cybersecurity professionals for businesses of all sizes, ranging from startups to big corporations. We help you find the right candidate for the job.
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Get in touch with us today, and let’s work together to make your company the success it should be.