Ways to Protect Your Business Against Cyber Attacks
May 08, 2020 14:55
Cybercrime is one of the most serious threats facing companies that use much digital information. Private equity companies buy, improve, and sell companies. This unique asset class gives them the ability to focus on long-term capital growth, offering investors higher returns.
Private equity companies are experts in analysing financial statements which help them identify undervalued companies with promising potential for growth. Since profit is usually not easily realizable, private equity companies weren't prime targets for many cybercriminals.
A cybercrime attack
Private equity companies will usually publicize mergers and acquisitions through press conferences. They manage the company thoroughly and sell it generally in five or seven years, or when they deem it profitable enough to sell. Despite the illiquid nature of this business, cybercriminals have spotted opportunities to profit from private equity firms.
In the past, cyberattacks were launched at the best time to facilitate delays in valuable deals. Insidious cyberattacks take the deal hostage while firms figure their way out. Tech-savvy criminals make sure they buy time because time is the currency for these firms. Cybercriminals create a problem only they have the key to. Offering this key comes with a price. When the clock is ticking for a billion-dollar deal, firms can't help but cooperate with the criminals. During these times, losing some means losing less.
Why cybercrime is threatening
Cybercrime is committed through technology. The criminals of cyberspace are members of the technically skilled elite. They can take down a website or commit cyber frauds in a matter of seconds, from another part of the world. They know no geographical limitations. They will conduct their operations in areas that make it hardest for anyone to catch them legally.
The end to end process of their organized crime happens in cyberspace, making it difficult to trace the logistics which are hidden by layers. Since there are no boundaries in cyberspace, the magnitude of the injury they can inflict is almost limitless. They can attack people, a group of people, an organization, and many governments all at once.
In 2017, around 53% of the private equities in the market had already been bullied by cybercriminals. It is no longer a matter of susceptibility because everyone can be a cyberattack target. The question is when. Most cyberattacks are preventable by acknowledging how they look. Conducting training that develops the ability to detect attacks is vital. Detecting cyber-attacks is the responsibility of all employees who handle confidential information. They have to protect the information that rests in their hands, including theirs.
Regulating the use of social media with work-related content will also help. Escalating concerns around potential vulnerabilities and possible attacks is a form of due diligence. In addition, attaining insurance to manage the risks of your operation will help curb potential losses. Liaising with respected private equity IT companies will strengthen your firm's cyber defence, which is excellent prevention and cure.
Cybercrime is a threat that you must not ignore. Building your cyber defence is as vital as managing your profitability. The latter will help realize your sale; the former will secure it.
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