Malware is a malicious entity that can attack computers and business networks. They’re generally used to steal personal and financial information. The person behind the virus will take this information and use it to steal money, or they’ll sell it on to criminal gangs who will do the same thing.
As a business, it’s your duty to possess some sort of malware protection. The cost of cybercrime to businesses is massive. The UK Government compiled a study that revealed cybercrime costs the IT services industry $1.6 billion per annum. And the figures are relatively similar for other industries, including the aerospace and chemical industries.
Extending Further
The main threat to a business is not what it can do to your operation. It’s how it can extend to the people you serve. Let’s say you get into a position where malware has infected your network and has taken the details of your customers.
All their personal information, such as where they live, can be used for the purposes of identity fraud. Any financial information, such as credit card details, can be used by criminals to empty bank accounts.
Your Reputation
A business lives or dies based on its reputation. If you gain a negative reputation because you didn’t secure your network, this is going to impact the number of sales you make. Your reputation will impact whether customers turn away from you. And this can cause your business to go bankrupt.
According to the U.S. Small Business Administration, 6 in 10 businesses who sustain a major malware attack in the U.S. will go bankrupt within a year.
Security is a big issue for customers. They want to know their online transactions are safe. It’s the main barrier to eCommerce, and it’s why so many people still won’t shop online.
Reopening the Doors
Practically, recovering from a major malware solution is tough. You have to perform a security audit, invest in new security software, provide any compensation due to customers, and might even have to fight off legal cases.
For a lot of companies, this is too much hassle and they close their doors. You don’t want this to happen to you. The cost isn’t just financial (which is what everyone seems to focus upon), it’s also a major time sink.
The longer you’re closed the more customers you’ll lose. If your site is offline, or the shop doors are closed, your regular customers will assume you’ve closed forever. Very few people will check back twice. It can take years to recover lost ground following a major malware attack.
Go for Quality over Cost
And here’s a final word on the type of malware solution you should invest in. Invest in the solution that works, not the solution that happens to be exceptionally cheap. The savings you’ll make from going for the cheaper option will pale in comparison to the cost of a malware file slipping through the cracks.
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