A business membership organization handles just as much data as a multinational corporation—names, Social Security numbers, and other valuable financial information. When hackers steal this data, there are ramifications not only for the affected association but for all the businesses that shared information with that organization.
Here’s why business associations should invest in cybersecurity services to protect against cyber attacks.
Associations are As Much at Risk of Cyber Attacks as Businesses
The media rarely covers the threat of cybercrime to business associations, but hackers steal data from membership groups all the time. Take the Small Business Administration (SBA), which suffered a major data breach after hackers infiltrated its loan program application system.
Cybercriminals not only took data from the SBA but nearly 8,000 businesses that shared information with the organization. If hackers could steal data from a large government-related organization like the SBA, imagine the danger they could do to an association with a much smaller tech budget.
Cybercrime Could Damage the Reputation of an Association
Cyber attacks often damage relationships between associations and their members because the ramifications trickle down to individual businesses. Imagine if an association had 1,000 members.
Now imagine those members provide the association with their most valuable data. If the association suffers a data breach, it could affect all of its members. In this scenario, individual businesses could suffer the consequences of a data breach because of circumstances out of their control.
Cyber Attacks are Costly
The average data breach costs an enormous $8.19 million. That’s an expense many associations, which often rely on fees from members, can’t afford. Some associations will never financially recover after a large-scale data breach, and, again, this can have ramifications for all members who rely on their services.
Cybercrime is on the up, and business associations are just as at risk as any other organization. These associations should protect themselves against cyberattacks or face financial losses and reputational damage. Working with a full-scale IT company provides a solution to the above problems.
Envision Consulting serves business associations and other organizations in Virginia, Maryland, and Washington D.C., with managed IT and cybersecurity services that reduce the risk of data breaches. Set up a meeting to learn more.