Consequences of a Cyber Security Breach for your Business

If your business isn’t prioritizing cyber security, the time to start doing so is now. The staggering amount of personal data a business can store in the digital space requires protection to avoid your business ruining credibility with your customers as well as preventing the legal exposure that can ensue. While you may think there is only a remote possibility of your business being subject to any kind of cyber security infiltration or attack, that small chance is worth safeguarding against it. Putting solid cyber security measures can be minimally invasive while protecting your business against major headaches.

Consequences of a Cyber Security Breach for your Business

Why prioritize cyber security for your business? A breach can come with serious implications. The customer data businesses keep can be extremely sensitive. This is not to mention the fact that customers won’t like the idea that your cyber systems have been breached. It can cause irreparable damage to the trust and loyalty you work to build with your clients and customers. A cybersecurity breach can cause substantial damage to a business’s reputation. After all, who will come running to work with a business that did not prove trustworthy in maintaining private customer information? Not many. Quite simply, a cyber security breach can clear your existing customer base as well as damaging any future customer base you were hoping to build.

There are also potential legal implications for a cyber security breach in your business. Cyber security regulations are getting stricter all the time. The Federal Trade Commission (FTC) has taken on the role of protector of consumer data pursuant to the powers it is granted under the Federal Trade Commission Act. This act prohibits “unfair or deceptive acts or practices in or affecting commerce.” While the FTC and other agencies continue to craft regulations geared towards protecting consumer data, these are issues that are not likely to go anywhere anytime soon. Every day, the law plays catch-up with technological advances. Now is the time to prepare for these things and get your cyber security ducks in a row, so to speak.

Cyber security measures are also critical considering that more and more business operations are becoming increasingly cloud based. More and more businesses are getting up and running with no real physical presence. They are run almost entirely online. When your business is online, either in whole or in part, you are incredibly vulnerable should you be targeted for a cyber security threat. Take cyber security seriously and protect your entire business.

Business Law Attorneys

Businesses these days have to consider things that businesses in the past did not have to worry about. In the digital age, there are specific threats to businesses that were not there before. It is far past the time to take this seriously. For counsel on ways to protect your business, digitally and beyond, talk to the team of dedicated business law attorneys at Jones, Gregg, Creehan & Gerace. Contact us today.