The Impact Of Social Engineering Attacks And Defending Against Them

Social engineering isn’t just a personal threat—it’s a corporate one.

More than half of all businesses are a target of a social engineering or spear phishing attack every year. It’s an increasingly pressing issue, and it’s one that many businesses are only just starting to take seriously.

Whether you’re the owner of a small, medium, or large business, know that social engineering attackers don’t discriminate due to size. If you don’t learn how to defend against social engineering, you could likely be the next victim of a social engineering attack.

The impact of social engineering on businesses

You’ve likely read about the potential impact of social engineering on your personal life, but what about the impact of social engineering on businesses? Here are the main consequences you’ll incur if your business falls victim to an attack:

• Financial implications. Bad actors are always after something, and usually it’s money. Social engineering can cost businesses anywhere from tens of thousands to millions of dollars—and that doesn’t even include the costs associated with recovery.
• Productivity costs. In any business, time is money. A successful attack means significant time lost rectifying the impact of social engineering and resolving the damage. This often craters the IT team’s productivity, general employee productivity, and ultimately, the business’s profitability.
• Operational disruption. Reduced productivity won’t just impact your IT team, it can trickle down your entire supply chain or service delivery operations, slowing every moving part of your business and causing logistical delays.
• Reputational damage. Cybersecurity attacks are extremely dangerous, and they put both business and customer information at risk. If you’re seen as an organization that’s not adequately protected, customers won’t feel safe—and it can be difficult to build back that trust.

How to defend against social engineering tactics

Fortunately, there are protections available. Learning how to defend against social engineering starts with recognizing the signs. Also, investing in proven cybersecurity solutions and mandatory, company-wide training are great ways to keep your business safe from the impact of social engineering. To help keep your operations running smoothly—and your business safe—consult the experts today.

To learn more about the impact of social engineering, read our previous blog post: “What is Social Engineering?”