Phishing and its effect on your business
Phishing is a type of cybercrime in which an attacker impersonating a reliable entity contacts a target by email, phone call, or text message in an attempt to steal sensitive information or data, such as login credentials, credit card information, or other personally identifying information.
Attacks are continually increasing as criminals target data that is important to your company in addition to trying to steal money.
Data breaches caused by such attacks on data have serious repercussions.
The effects of phishing on your business are as follows;
Decrease in brand value over time:
Data breaches can decrease brand value and affect the long-term relationship between customers and the brand
A recent study by Infosys and Interbrand from the 100 Best Global Brands ranked in the 2020 Interbrand list shows that the maximum risk amounts to a loss of 11% of brand value.
Customer loss:
Disclosure of a data breach leaves customers nervous. These lead to lower customer retention rates and potential customer loss due to reputational damage”.
According to 2019, 44% of UK customers would stop doing business temporarily after a data breach. Consumers say they would never return a company that has experienced a breach, with 41% saying they would.
Interruption of business operations
It’s no longer news that phishing attacks can cripple your business. Data breaches can prevent employees from working and customers from accessing services online.
Financial Loss
One of the most anticipated business impacts organizations typically suffer from phishing scams is significant financial loss. Companies faces further fiscal deficits in addition to paying fines to regulators and compensate affected customers on top of the actual loss of corporate accounts.
These findings usually come without warning, so proactive security measures across all digital channels are non-negotiable.
If you are serious about preventing these negative effects, we highly recommend working with a digital brand protection company such as FPG Technologies and Solutions to help you mitigate risk, protect you from phishing and cyberattacks.
FPG Technologies and Solutions provides Enterprise-wide IT and Cyber Security solutions that will ensure your peace of mind across your entire organization; from systems to people, your operations to your customers and your digital channels to the dark web, FPG FlexSecure works hard so that you can continue running your business with confidence!
Contact us today to learn more about how we can protect your business online.
