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Consequences of ignoring cybersecurity
The consequences of not being prepared for cybercrime are harsh for businesses. There is the loss of sensitive data, like financial, product, intellectual property, staff and client information. There is also the loss of reputation, as well as lost revenue and cost to repair the damage. There is also a loss of trust from clients, suppliers and distributors as cybercrime in one company can spread through IoT and networks to other companies. “Sixty percent of small businesses
go bankrupt after a cyberattack,” says Ali Dehghantanha, PhD, professor and Canada Research Chair in Cybersecurity and Threat Intelligence, at the School of Computer
Science, University of Guelph. He notes that there is a “cyber poverty line.” Below this line are businesses that are “poor” in technology and cybercrime knowledge. Professor Dehghantanha advises small businesses owners to think of cybercrimes as a matter of profit for cybercriminals. They are paid for their efforts. Cybercrime actors want maximum profit at minimum effort. Businesses need to have enough deterrents so that there is too much effort for a profit. Professor Dehghantanha also says it is not the responsibility of vendors, like autonomous vehicle manufacturers, to supply cybersecurity. That is a business owner’s responsibility. What guidelines that do exist for small business, he believes, are “disassociated from the reality in the field.” He advises small businesses to speak to a security professional, and says: “It is impossible to have 100 per cent security.” There is more to being cyber secure than avoiding clicking on suspect links in emails. Being aware, trained, vigilant and informed by expert knowledge will protect your company. LT Ali Dehghantanha
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