Businesses of all types use technology to drive essential business functions. From sales, to accounts receivable, to automation and productivity improvement. This could include your point of sale (POS) system, customer relationship management (CRM), workstations, servers, networking equipment and more. However, as you add technology to your business, your risk is elevated, especially when insufficient cyber security is implemented. Unidentified risks cannot be mitigated, thus providing cyber criminals with a playground for executing cyber crimes. So it’s recommended that every business conduct a cyber security risk assessment.
Compromised business functions usually result in losses. If your business sales an average of $1000 an hour and your sales system goes down for 2 hours you experience a loss. A loss in this instance includes $2000 worth of sales, plus the cost of the repair, plus the cost of future revenue lost. Customers that were lost likely won’t return or make referrals, this makes up future revenue. Not to mention potential referrals lost. This is why conducting a risk assessment is a good idea.