Cybersecurity has a wide range of effects to a company that requires policy makers to have proper information governance
The use of digital technology has made organizations and businesses vulnerable to attacks by anonymous individuals in the online web. Cyber attacks on companies take place through various attack surface, which great loopholes for the attackers. The effects of cybersecurity have caused enterprise to experience a fall in financial value and has led to the loss of confidential information. Cybersecurity has a wide range of effects to a company that requires policy makers to have proper information governance.
Companies all over the world have embraced the use of technology to help improve organizational performance. However, they have also realized that these technological systems form loopholes for enhancing cyber-attacks. I have experienced companies having a huge burden of economic cost due to issues of cybersecurity. Attackers do use attack surfaces such as websites and servers to access a company’s corporate information and financial information. Mostly, I have experience hacking activities that leads to a company losing high amounts of money. Also, when attackers get financial statements, they can take the bank details and other information which helps them transfer the cash into other accounts thereby affecting the performance of the business. Besides, for companies that carryout online marketing, the attackers cause a disruption in trading that leads to inability to carry online transactions. This situation can greatly affect a company’s performance by causing customer frustrations and loss of revenue.
Different companies also have various customers depending on the type of products and services they offer. But the menace of cybersecurity can change this factor within no time. Cybersecurity issues can damage the reputation of the business and shun away customers. Hackers are sharp individuals hence they can use their knowledge to tamper with customer information they find within the company’s database leading to fear and bad reputation. I have experienced situations whereby individuals receive messages from anonymous sources. These can be efforts of cyber attackers who retrieve customer information such as usernames and confront individuals in the online media. Also, due to disruptions in trade, customers tend to lose faith on a particular organization which eventually leads to loss of customers, sale and decrease in company’s profits. This situation occurs in real life when customers boycott services and products of a company. Some situations do occur where business partners, investors and shareholders lose interest on the business which result to the collapse of the business.
Companies do contain various data regarding its operations thus a security breach can be a massive blow to the confidentiality of documents and file stored online. Therefore, a company should work towards providing adequate security to the staff information, customer information, financial records and other documents that are useful for future reference. A slight breach in information is enough to land company managers into problems such as facing fines and regulatory sanctions. Therefore it is significant improve safety and protection within a company database.
Cybersecurity issues can greatly affect a company’s performance eventually leading to its collapse. Attackers use various attack surfaces such as websites and servers to gain corporate information. Cybersecurity causes economic deterioration due to loss of funds and customers. Also, it causes a bad reputation among customers and loss of confidential files and documents. Therefore, policymakers need to take effective measures in addressing issues of cybersecurity to prevent issues that can hinder the organization’s performance.