What language is the website written in? If its plain html then there is little change of your site getting defaced, which is the most common type of hack referred to out there. However if your site is written in php, asp, perl or python, to name a few, then there is always the chance that some sort of exploit will allow someone to take control or even overwrite your pages with some sort of defacement or even use your website to share illegal data which you then end up paying for as it came from your hosting.
Give me a bit more detail about what your doing and I may be able to give some more specific advice regarding your concern.
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