A simple fact of the modern world is that we live in a society that is driven by digital technology. Businesses are run online, people shop online, a lot of our social lives take place online! There’s no doubt that this has been an incredibly positive change in the lives of many people, both professionally and personally. But, it would be naive to suggest that there haven’t been some drawbacks. In particular, there has been a rise in the number and frequency of cybersecurity attacks on both businesses and consumers over the last several years.
Because of this, more and more consumers are demanding that businesses make cybersecurity a greater priority. Let’s take a look at the reasons that consumers are becoming more worried about cybersecurity, how that impacts businesses, and what can be done to meet those new consumer needs.
As the world becomes more and more dependent on digital technologies, it should be no surprise that criminals and scammers are finding new ways to prey on consumers and businesses alike.
Phishing scams have been at the centre of many cybersecurity threats for a long time. Put simply, phishing involves communication that looks as though it came from a legitimate source that encourages businesses and consumers to reveal confidential information. There are a handful of different ways that phishing can take place but email is the most common by far. The majority of malware is delivered to businesses via email. Phishing scams can also involve the use of domain names that are incredibly similar to legitimate sites but lead to sites that are filled with malware and are designed specifically to gain access to confidential information.
As the name might suggest, ransomware is a form of malware that is built to access your data and then hold it, quite literally, to ransom. It can put you in the position of having to pay a large amount of money or risk losing access to a great deal of incredibly important data and information. This could be financial information on your business or even the private details of all of your customers. The worst part is that cybercriminals are fully aware of just how valuable your private data is which puts them at a major advantage in the event of a ransomware attack. Most cybercriminals who use ransomware tend to get the ransom that they demand simply because most businesses are willing to take that financial hit if it means that their information is protected. Of course, an issue that arises from this is that, once a cybercriminal has held your information to ransom once, there’s a good chance that they can do it again.
The impact that these advances in cybercrime have on consumers should be pretty obvious. After all, if your business requires them to input and store valuable information like their personal details and financial information, if your cybersecurity isn’t up to scratch, they well could be the ones who pay for it. This means that if your business comes under any kind of cyberattack, the trust that consumers have in it is going to be heavily damaged, in some cases irreparably so.
Not only that, but, as digital technology becomes more central to our lives, an increasing number of consumers are developing a much keener understanding of just how important cybersecurity is. If you’re not willing to ensure that your cybersecurity is a top priority, potential customers are going to pass you over for the competition. Why would a consumer put their vital information into your hands if they’re not sure that you can even be trusted with it in the first place.
This all likely sounds pretty scary. These kinds of cybersecurity problems can have an absolutely devastating impact on a business and your relationship with consumers. However, just because it’s a challenge, doesn’t mean that there aren’t things that you can do to combat it.
One of the most important things to be aware of is how much of a role that human error plays in potential cracks in your cybersecurity. User error is the most common reason for malware threats to get into a business. Because of that, you need to ensure that you’re making it a priority to train everyone involved in your business on how to spot potential threats and what to do in the event that they appear.
As a business, it’s crucial that you remain diligent and aware of potential threats. It only takes a single occasion of failing to pay close enough attention to allow a potentially disastrous cyberware threat to invade a business. If you want to ensure that your business is protected from cyberattacks, you need to be sure that you never let your guard down.
Consumers are becoming more and more savvy about digital technology, and that means that your business needs to demonstrate a commitment to prioritising your cybersecurity. If you don’t, not only are you leaving your business vulnerable, but you’re putting both your existing consumers and potential future ones at serious risk.