A security breach brings a slew of issues for a company that will require a complex approach to negate their consequences. The most obvious loss is the private data, such as product designs, future marketing plans, and customers’ personal information, that is kept on a company’s servers. This issue will bring additional expenditures on experts who will assist with damage assessment and elimination of utilized weaknesses. However, a company’s losses do not end with private data leaks. The longer a breach remains exposed, the more negative sentiments customers will generate. In addition to the loss of image among its customers, a company will suffer from a decreased trust in its viability as a partner in business relations. Overall damage can drag a successful firm down from a position of a strong competitor, especially if the security measures are insufficient to provide a timely response against a cyberattack.
On the example of Blo-It, it is possible to examine the necessity and the process of updating severely outdated and unoptimized network systems. Modern technologies allow firms to create a local business network that will ensure improved security and efficiency of communication, both of which Blo-It currently lacks. Using several different proprietary IT systems puts the company at risk of a cyberattack, as the number of possible threats is exceptionally high in such a situation. A hired team of IT specialists who can establish a specialized digital framework for Blo-It is heavily recommended. A complete view of a customer is essential for Blo-It to remain competitive. A single customer view approach will require the company to transfer current basic functionalities to digital platforms to collect anonymized data that will provide an insight into a customer profile. Offline, online, and transactional data must be kept under a single structure and remain accessible from one location.