Introduction
Cybercrimes are now on the rise due to the nature of the internet and the ability of cybercriminals to attack out of their jurisdiction. Cybercriminals also have enough resources and some of them are just out there to earn from what they do. There are major impacts that cybercrime has on businesses. Lack of cybersecurity processes and procedures can damage your company in many ways. Here are some of the impacts
Economical costs
Theft of important things such as corporate information, disruption of trading, and theft of intellectual property can impact your business negatively. The cost of repairing the damaged system itself can be very expensive.
It can cost your reputation
Apart from just affecting you economically, it can be damaging to your reputation as well. Customers will lose trust in you due to a cyber attack Singapore. You will not only lose the customer’s trust but also lose them as well. Due to cybercrimes, your competitors will benefit a lot. It is due to such that you should be very careful and implement important cybersecurity measures.
Regulatory costs
This is also another way through which cybercrime can impact your business and organization. Data breaches can lead to fines or even possible sanctions.
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