Cyber Security is Vital for Small Businesses

Small Business Tech Security

Small businesses need to take cyber security seriously, preventing lapses or weak points that could lead to major data breaches or attacks.  

Modern technology is rapidly changing the landscape for small businesses. Small companies can now do more and have a far greater reach, but they are also faced with bigger security concerns. What once was a big company issue is now a concern for small businesses as well. Some small businesses get caught into an assumption that security breaches only impact big companies, but hacks, ransoms and malware threaten companies of all sizes.

Small- and medium-sized companies are being attacked at an increasing rate. The average cost of damage from theft, hacking and data loss increased from over $879k to $1mil, according to the Ponemon Institute. This has forced small businesses to spend more each year with a projected spend of $21.2 billion by 2021. Security has become a major small business concern.

Security is a Major Managed Services Offering for Small Business

Tech security is a vital need for small business, but not all companies can afford a full IT department. Small businesses that need additional tech support to cover the various aspects of their company. From firewalls and email to endpoints, top professionals should be keeping your business safe. Cybercriminals are becoming more sophisticated in their approaches, often tricking your employees into clicking on links or opening attachments that help them enter in a back door. Only the best software, updated devices and best practices for your employees will help reduce the risks of a breach. No matter what industry you are in, keeping your data, profiles and customers safe should be a top priority.

The traditional solutions are no longer good enough. In order to protect your business and customers, you will want to outsource tech support. By hiring an IT managed services company, you will have access to top professionals round-the-clock without paying for a full-time team. You want the expertise and niche talents that a full team can offer.

The True Cost of Data Breaches

Remember, your losses will go beyond the cost of recovery. You will have downtime that could cause major disruptions in your business and will impact how your customers trust your company. You could face governmental fines or settlements to cover customer loss. Your business could face investigations, digital forensics sweeps and more that would hinder work and become a huge time drag for you. Most businesses (60%) fail within 6 months of a data breach because the cost is too much to handle.

Strengthening Preventative Security Practices

A preventative approach to cyber security will be more valuable than just a response (though you want a response plan as well). Part of preventing those breaches is going to be in proper training for your employees. An estimated 54% of data breaches are the result of negligence on the part of an employee or contractor, according to a Ponemon study. Starting with good training and best practices will help reduce breaches due to error. A tech company should make necessary updates to your equipment and software to ensure you are protected against malware and virus attacks as much as possible. Backups should also be in place in case of a system breach, protecting you against lost data.

Stay Honest About Your Weaknesses

The right IT team will audit your company to find weak points and make reasonable suggestions for change. Having those honest conversations with your customers about potential risks can help protect both you and them. Being straightforward will help increase the trust and improve how customers treat their own data and account security. No matter what industry you operate in, your customers are going to hold you responsible when it comes to their security and data protection. By staying open about cyber concerns, you are more likely to take them seriously and get them ironed out. Trying to cover security concerns will only lead to bigger problems.

Get a tech team that works for you and knows your industry. If you need help with IT support or security, you can contact us for more information. We offer IT managed services that will help guard your company and prevent disaster.