Cyber attacks are one of the greatest threats to business in the 21st century.
In fact, 61 per cent of the businesses that responded to a 2017 Ponemon Institute survey said they had been the victim of a cyber attack in the previous 12 months.
So what are the dangers faced by business when it comes to cyber attacks in Papua New Guinea?
1. Loss of information
Modern businesses store huge amounts on online.
This can include everything from financial records, employee details, new business plans and products,to sensitive customer data. The last of these is usually seen as the most serious, so we will examine that in its own section, but even the loss of your internal information can cause serious problems.
When someone gains access to private files, you can no longer be sure that your intellectual property is safe. With unlimited access to your information hackers have the opportunity to take your ideas and market them as their own. As well as potential loss in revenue, you should also consider the time it will take you to rebuild what has been stolen. The Ponemon Institute survey found that the disturbance to business operations as a result of online assets being stolen cost on average USD $1,207,965.
2. Loss of customers
Good business is about building trust with your customers. You need them to believe in the products or services you provide, but also that they are safe to supply you with their personal financial information. By 2021, it's estimated that over 2.14 billion people across the globe will be making transactions online, according to Statista, so for businesses it is vital that this trust transfers over to the digital world.
Cyber attacks can be devastating for a company's reputation and ties with their clients. Cyber criminals have access to details of the ways in which they paid you. If they can gather enough of this information, they might then be able to steal from your customers' bank accounts, or make payments in their names.
If your customers no longer see your business as secure, chances are they will not want to buy from you again. United Kingdom communications company TalkTalk, saw its profits fall by 50 per cent following a cyber attack in 2016 where the information of thousands of customers was stolen.
However, if you have a business insurance policy from Trans Pacific Assurance Limited (TPAL) we can help you with covering the costs inflicted by a cyber attack.
3. Loss of business links
Similar to the loss of customers, the damage to a company's name that comes from a cyber attack can also make other organisations reluctant to do business with you.
These deals involve a lot of paperwork, time and money changing hands. However, many businesses may not feel confident investing their money in your organisation if they do not think it is secure, and could also worry that their data and details are at risk from being stolen.
Being left out in the cold is every businesses worst nightmare, and it can take a long time to recover from the loss of trust from partners and customers. With a business insurance policy from TPAL, however, you have the security of knowing that if a cyber attack did take place against your business, you would have the financial support to get yourself back on your feet. To find out more, get in touch with our team today.