Small businesses are a big target for cybercriminals. Why? Because they often have weaker security protocols in place and are not as well protected as larger businesses. This means that your small business is at a higher risk for a data breach or other cyber-attack. In this blog post, we will discuss 5 reasons why you should beef up your tech security and protect your business!
Reason 1: The cost of a data breach is high and can be devastating to your business. A recent study by IBM found that the average cost of a data breach is now $32 million! This number is up from $23 million just last year. For a small business, this cost can be crippling and could even put you out of business. In addition to the direct costs of a data breach, there are also indirect costs that can include things like loss of customer trust and damage to your reputation. Would you be thrilled about doing business with a company where you thought your information may be at risk?
Reason 2: Small businesses often have weaker security protocols in place. This is because they often do not have the resources or knowledge to implement strong security measures. As a result, small businesses are an easy target for cybercriminals. Surprisingly enough hackers and cybercriminals often target small businesses because they view them as low-hanging fruit. It is easier for them to get in and out without much resistance from a team of IT professionals that are often employed by larger companies.
Reason 3: Small businesses often store sensitive customer data. This includes things like credit card numbers, social security numbers, and other personal information. If this data falls into the wrong hands, it could be used to commit identity theft or fraud. The protocols many small businesses have in place for protecting this data are not adequate. PCI compliance and the proper security for IT systems is something that many small businesses struggle with due to the cost.
Reason 4: A cyber-attack can disrupt your business operations. This can include things like loss of access to important data, systems being taken offline, and damage to your website. This can lead to lost sales and customers, as well as damage to your reputation. Things like malware can infect systems and websites being them to a screeching halt. Think of how much money it would cost your business if your internal systems or website went down for weeks at a time. Would your business be able to recover?
Reason 5: Cyber insurance is becoming more and more common, but it is still not always available to small businesses. This type of insurance can help cover the costs of a data breach or other cyber-attack. However, it is important to note that not all policies are created equal, and you should carefully review any policy before purchasing it. Many of the policies on the market today are either very broad coverages or are very expensive. It can help to consult an IT company to help in this selection process.
As you can see, there are many reasons why your small business should beef up its tech security. Cyberattacks are becoming more and more common, and the cost of a data breach is high. Small businesses are an easy target for cybercriminals, so it is important to take steps to protect your business. Cyber insurance can help cover the costs of a data breach, but it is important to carefully review any policy before purchasing it. With the help of an IT consultant or managed IT service provider you will be in much better shape when it comes to defending your business against cyber criminals.
Do you have any questions about tech security for small businesses? We’d love to hear from you. Please reach out to us on our contact page with any questions you may have.
