Cybersecurity refers to the process of protecting computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. Cyberattacks are increasing every year around the world, and North American companies aren't immune to those hacks. According to the Online Trust Alliance (OTA), a subsidiary of the Internet Society, an international non-profit that promotes the free and open evolution of the Internet, the number of cyberattacks in high ticket industries doubled worldwide.
Nearly every industry on the planet has been affected by cyberattacks, affecting organizations of all sizes. Maersk, the shipping giant, Uber, and Equifax, one of the world's largest credit rating agencies, all collect private customer data.
In this article, let us discuss the importance of cyber security in high ticket businesses whether they are online or offline in North America.
WHAT ASPECTS OF HIGH TICKET BUSINESSES ARE DIRECTLY IN HARM IN CASE OF A CYBER-ATTACK?
Cyber-attacks directly threaten your money, products or services, customer data, and information base.
There are many ways that information is collected: client lists, customer databases, customers' financial details, deals that have been closed or are in the process of being closed, pricing information, product designs, and manufacturing processes if applicable.
IMPACT OF CYBER -ATTACKS ON HIGH TICKET BUSINESSES
As we know that high ticket businesses engage wealthy and trustful customers towards themselves. In case of a cyber-attack, these businesses may face following tangible and intangible damages:
Monetary Loss
Reputational Loss
Product or Service Loss
Increased cost of recovery or replacement of products
Harm to other customers or firms whom you are supplying your products or services.
IMPORTANCE OF CYBERSECURITY IN HIGH TICKET BUSINESSES IN NORTH AMERICA
An organization or business may implement cyber security procedures to protect their computer systems and data from unauthorized access. It is a solution to the ever-growing threat from hackers, privacy-invading hackers, and viruses transmitting over the internet. Cybercrime is a growing problem for high ticket businesses as they run several digital services.
The modern world has forced entrepreneurs to adapt their businesses. Thus, they maintain active websites. They can easily reach their customers from all over the world via their online presence. It is also possible for your site to crash if your system becomes corrupted, which is one of the rising threats to digital operations. Your website is likely to go down if the hosting server is infected, which leaves your online customers vulnerable to hackers. You'll lose the trust of your customers and harm your brand reputation.
In addition, your business will suffer huge losses when your website is restarted, and you could lose many customers due to the trust deficit. The shutdown of a website will also result in missed transactions and delay the response to clients.
Such issues can be managed through cybersecurity before they become too complex. Business-to-business networking is made safer with cybersecurity. You will be protected against permanent damages and viruses and able to run online operations smoothly.
High ticket organizations and businesses must become aware of cybercrime and cyberattacks. Businesses can minimize risks of cybercrime such as hacking, fraud, and phishing with a cybersecurity system.
As an example, if sensitive information is stolen from a company, it could fall into the wrong hands. That could result in strict legislation and excessive fines.
Also, if your data is hacked and stolen, you'll have to spend a lot of time, money, and effort to recover it. During this period, the economy could suffer massive losses and deficits, leading to business failures. Fortunately, cybersecurity can prevent such significant financial losses from occurring. Further, the company's reputation would be harmed as a result of these losses, particularly in publicly-listed companies. In several instances, high ticket corporations have faced a sudden drop in equity after their systems were hacked and shareholders sold their stocks right away.
CONCLUSION
Cybersecurity is important for businesses due to several significant reasons. Adapting to new technologies increases the chances of companies and consumers being victimized by cyberattacks and cybercrime. Security measures, however, can reduce the likelihood of breaches. Additionally, it assures employee security, increases productivity, and improves the reputation of the company.
Rocky Santangela is the CEO of the High Ticket Group, the founder of Prospectors Ai and the creator of the ERC 721 GOD token on the Ethereum blockchain. He writes and curates content on the future of high ticket businesses relating to Web 3 applications and developments, NFTs, Ai, Robotic Process Automation, Business Modelling and Cybersecurity.
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