Any company, corporation, or indeed organisation is at risk of becoming a victim of cybercrime. As the digital development is ongoing, so is the industry that is tasked with the role of data protection. Here are just a few of the consequences that an organisation can face when the victim of cybercrime.
- Trade Secrets – You might, for example, have a great product and the ingredients are kept a secret, and should this data be stolen, it could be sold to a rival company. This type of data theft is usually targeting a specific batch of data, and hackers might be hired by a rival organisation to steal these trade secrets. Any type of secret data might be the target of hackers, and they sell this data to interested parties, who use it to their obvious advantage.
- Theft of Customers’ Financial Data – Perhaps an organisation’s biggest nightmare, having your clients’ financial data stolen can have disastrous results. This does happen to large corporations. Once discovered, it is the duty of the hacked organisation to inform those involved. If you wish to be protected against financial data theft, you need ISO 27001 consulting for compliance and certification and that will give your customers peace of mind.
- Research & Development Data Theft – If, for example, a company were in the process of developing a radical new product and their confidential data was stolen, this could result in losing their competitive edge, as their competitors would now be aware of their secret research and could also create a similar product. This data could be used to purchase shares of a business, knowing that the said company would do very well in the future, thus acquiring shares that would later double or triple in value.
- Losing your Credibility – Imagine what would happen if a hacker got into your company website and changed the data? This could result in an organisation losing their credibility. If you think no one would do this, think again, as some companies will stop at nothing to discredit their competitors. Access to your website or social media page could easily be given unwittingly by an employee who responds to an online request to resubmit their login details, so you should train all your staff on safe practices when using computers.
- Data Destruction – This might simply be a person who wishes to cause havoc, and they might not have any other agenda than causing organisations harm. Some viruses are designed to not only destroy data, but also the hard drives on which the data is stored. These random attacks can be protected against, and the best people to talk to regarding total data protection are an established cyber security company, who have all the answers.
All of the above are very real possibilities, especially if you have inadequate cyber protection in place. Rather than viewing data protection as an optional extra, it should be seen as an absolute necessity.