In this day and age, cyber attacks are becoming more and more of a problem for industrial business networks. Like any other type of business, industries need to protect themselves from these cyber threats and vulnerabilities. These ensure they don’t have long lasting effects that could ruin their overall company. The following is an expert guide on the importance of protecting the industrial network against cyber vulnerability. And, also on the effects it may have on your industry. With the right industrial automation solutions and industrial automation services however, you can get back on your feet fast.
1. Customer Information Threats
For some DH+ industries, who have customer information databanks, the importance of protecting this information is more important than ever. If a cyber-attack steals your customer’s important details, it can’t only paralyze your operation and your reputation. But, it can possibly ruin your customers’ lives as well. When a cyber-attack occurs, it can leave businesses having to spend a lot of money to boosting protection levels. It is done to ensure that it doesn’t happen again. This can cost you a lot of money and downtime for your business in the meantime.
2. Loss of Business
A security breach means your company will shut down its operations for a time period to reset and reinstall new security procedures. This could be over several days or several weeks. This depends on how hard the business was hit during the attack. By keeping operations going, you have a higher chance of being victim to another attack in a shorter amount of time.
3. Loss of Company Assets
When a cyber-attack occurs, it can result in bank account numbers and passwords being stolen during the breach. This, in turn, may result in your company losing funds to the hackers. This will affect everything right down to purchase your assets to keep going. Many businesses think banks will help to cover the loss. But, it really depends on the loss and the severity of the attack. Other information that could be stolen include customer records, product designs, company strategies and other employee information. All these assets can affect the value of the business, which can cause crippling losses.
4. Reputation Damage
Not protecting industrial network from cyber vulnerability, you have a risk of damaging your reputation with business partners and customers. Those, who know you have had security breaches in the past will be more hesitant to deal with you in the future. This can have a great impact on your overall conversion rate, revenue and profits. Even after the attack has been resolved, it can still take months or years to recover reputation wise.
5. Cyber Vulnerability may lead to Bankruptcy
In very severe cases it can cause a business or industry to go bankrupt. Bankruptcy can occur when the company’s money is stolen, when lawsuits against the company are issued and when assets are stolen. All these things can lead to bankruptcy. But, it’s important to understand that this is only in the worst case scenario. This is why, it’s important to protect your network against cyber vulnerability.
As you can see that there are things, which can happen due to cyber vulnerability. By taking initiative you can change this today to make your business more secure.
Bio: Caroline Kastner
Caroline Kastner is a tech writer and health advocate, who is passionate about cyber-crime. She loves to read crime novels and works hard on bringing to light the effects of cyber-crime on businesses. She has two dogs and a young son. She loves walking along the beach in her spare time.