The Cost Of Cybercrime Is Still Increasing

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The Cost Of Cybercrime Is Still Increasing

Cybercrime has outgrown every other form of crime when it comes to the cost of prevention, financial loss, and business reputation recovery. A new study that was performed by CISCO’s 2017 Annual Cybersecurity Report has shown that companies that have a data breach should expect to see their total customer, opportunity, and revenue losses be as much as 20% of their total business model. The same report showed that 29% of all businesses victimized by cybercrime lost revenue, while another 23% also lost business opportunities.

While hackers are still regularly changing up the ways they attack people, what’s clear is that businesses have also gotten more likely to get wise about the attacks. And, that means that businesses are getting more adept at preventing them – which in turn means that older forms of attacks will not be as effective as they once were.

However, there’s still one thing in common with the majority of attacks’ success according to cybersecurity professionals. According to them, most hackers are able to get away with their crimes because the users or the tech owners have done something that they shouldn’t have.

“Although there are technical mechanisms to detect and prevent malicious attacks, the underlying root cause is still the user doing something they shouldn’t, whether it be clicking on a link in a phishing email, opening an unsuspecting email attachment or downloading internet content from an untrusted source,” said an expert who spoke to PYMNTS.

Though the attacks aren’t always done via payment terminals, the fact is that the machines that your company uses to accept credit cards can be a bastion of security or a break-in waiting to happen. Much of that depends on the quality of the technology that you’re using, as well as the way that you are allowing that technology to be accessed.

In terms of allowing access, you need to make sure that the people who are allowed near the terminal are people you trust. Moreover, most cybersecurity firms would agree that having your POS near a CCTV camera may be able to both dissuade hackers from tampering with your hardware and help catch them in the act.

Of course, having the right gear in place makes the bulk of the difference in the payments world. By having hacker-proofed terminals, you reduce the ability of low level hackers to access your client data. Contact CPS to a highly secure terminal today.

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