The cybersphere is not kind to companies that don’t take measures to protect themselves — and their customers — from attack. From the Target breach last year to the crop of new data attacks that have arisen in 2014, there are no shortage of threats to enterprise security on the Web.
Potentially destructive forces like malware and phishing attacks lurk around every cyber corner, waiting for an opportunity to unleash their venom. According to a new information graphic report, businesses are getting hit with data loss attacks right and left.
Fortunately, such malicious incursions are preventable with the proper authentication structure in place.
Report Suggests the Ever-Mounting Threat Posed by Malware and Other Attacks
A recently released infographic from Imprima does not paint a pretty picture of the state of enterprise security. According to the report, more than three-quarters of businesses have fallen victim to a data breach over the past two years.
Unfortunately, such attacks tend to hit small- and medium-sized businesses in larger numbers, since these enterprises are generally less well-guarded than their big enterprise counterparts.
When it comes to the types of breaches carried out, the list is that of the usual suspects, with malware, email attacks and phishing scams leading the pack. These three attack strategies share one thing in common: They prey on companies without the identity security structure to keep them out.
If, for instance, a business lacks the proper data encryption infrastructure, they make themselves an easy target for hackers. Cyber criminals are always looking for ways to exploit vulnerabilities and are constantly on the prowl for such weaknesses. The discovery of one could spell disaster for an unsuspecting business.
A Grim Prognosis For Enterprises Under Attack
If businesses think they can escape a massive data attack unscathed, they are in for a rude awakening. In fact, the toll of recovery from an attack can be so steep that it can become insurmountable for many enterprises. According to the infographic, 72 percent of majorly breached organizations close up shop within a year of the incident. If a similar data loss scenario lasts longer than five days, 93 out of 100 companies will declare bankruptcy within the year.
These are not encouraging numbers, and they point to the totality of destruction that a data attack can wreak on an unprepared enterprise. Even much bigger companies like Target don’t get off scot-free. According to Forbes, the retail giant experienced a 50 percent profit drop in the fiscal quarter following their breach.
Target is big enough that it will manage to stay afloat, though the long-term damages to its customer reputation are clear. Other companies will not be so lucky.
The fact is that data attacks often go after not only the store, but also its customers, with 36 percent of lost information belonging to the clientele of attacked enterprises. When this happens, it inevitably leads to a perhaps unrecoverable loss of trust on the part of customers, who are understandably left questioning the credibility of a company they thought they could trust. Apart from having to possibly reimburse customers and provide them with credit monitoring, attacked businesses often run the risk of permanently losing their customers as well.
Enterprises That Secure Transactions Can Prevent Breaches
Devastating as attacks can be, the good news is that they don’t have to happen. Businesses have the power to prevent themselves from getting breached. One of the answers lies in identity-guarding options like two-factor authentication, which functions to ensures only authorizes users are accessing company networks, applications, servers and more. There is no telling when a malicious force will try to breach a company. But when it happens, the smart play is to be prepared.