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Assess Your Risks

Understanding the risks to your business will help you to take adequate protection measures against the threat of cyber crime.

What could be at risk?

  1. Your money.
  2. Your information – e.g. client lists, customer databases, your financial details, your customers’ financial details, deals you are making or considering, your pricing information, product designs or manufacturing processes.
  3. Your reputation.
  4. Your IT equipment and T-based services – whether held on your own systems and devices, or on third-party hosted systems (i.e. ‘in the cloud’).

Who could you be at risk from?

  1. Current or former employees or people you do business with – compromising your information by accident, through negligence, or with malicious intent.
  2. Criminals – compromising your information and disrupting your business for financial gain or malicious intent.
  3. Business competitors – wanting to gain an economic advantage.

What is the threat?

  1. Theft or unauthorised access of computers, laptops, tablets, mobiles.
  2. Remote attack on your IT systems or website.
  3. Attacks to information held in third party systems e.g. your hosted services or company bank account.
  4. Access to information through your staff.

What impact could an attack have?

  1. Financial losses from theft of information, financial and bank details or money. The average cost of the worst security breach is between £65,000 and £115,000.
  2. Financial losses from disruption to trading and your business operation. This is critical if you are dependent on doing business online. The worst breaches can result in a business being put of action for up to 10 days.
  3. Losing business from bad publicity and damage to your reputation and customer base.
  4. Costs from cleaning up affected IT systems and getting them up and running again.
  5. Costs of fines if personal data is lost or compromised.
  6. Damage to other companies that you supply or are connected to.

Source of Information