How Big of a Risk is Cybercrime for Your Business?
Answer these three questions to help you determine your risk.
What will happen to your business if you lose the majority of your data? This can be your customers’ personal data, your contracts, your business plans and pricing files, or inventory. Consider what it will do to your reputation when you have to notify customers, vendors, or regulators of the loss. Also, include how much it will cost you to re-build or retrieve that data, both in capital and in time and labor.
What will happen to your business if you must pay a significant fine or deal with a large lawsuit? Most business owners do not realize that negligence in their security practices can potentially leave them vulnerable to claims. In addition, stolen revenue from cybercrimes may not be recovered, even if perpetrators are identified.
What will happen to your personal life, your family, your house, your financials and securities if any of the above happens?