Whether you have been in business a long time or are just starting out one of the most important aspects of running your business should be security. Keeping your small business safe from hacking attempts should be at the top of your list. Here are the top 5 reasons you need to invest in cyber security.
Size does matter
It seems every week we hear about a new security breach or hack on a large company or government agency. What we don’t often hear about are the multitude of cyber attacks on smaller businesses. According to the National Small Business Association (NSBA), over half of all small businesses have been affected by a hacker. Smaller businesses don’t typically have the same type of level of security measures as the larger companies and therefore are more enticing to potential hackers.
Costly
If you are the owner or CFO, you know that every penny counts when running a small business and you certainly don’t want to have to spend any more than necessary. When a company is hacked, it can cost upwards of $20,000 or more according to the NSBA. This is money you should be investing back into your company, not paying out to repair problems that could be prevented. When small companies have to take a large financial hit, they could experience bankruptcy or possible closing.
Threats from within
Small businesses have less employees which means that there are a small amount of people privy to a large amount of confidential information. This is can promote an insider threat. Employees past and present could have personal or financial reasons to breach your system to obtain information. They could sell names and numbers or attempt a malware install. Be cognizant of employees and be sure to monitor all cyber usage.
Customer risk
The last thing any business wants to do is put their customers at risk; this is paramount to small businesses where services and relationships tend to be more personalized. If your company is hacked and any of your client’s personal information is obtained, your customers will be vulnerable to identity fraud, theft or other crimes. Hackers sell information such as social security, credit card and bank account numbers, addresses and emails. Protecting the personal data of all of your customers is extremely important in building the trust you need as a small business.
Reputation
When a company falls victim to a breach, they are seen as less trustworthy. A hack will tarnish your reputation. Even though you are small, news will get out. Your clients and other business partners will be hesitant to work with you for fear the breach will happen again or worse, directly affect them. You don’t want your business to get a bad reputation for a hack that could have been prevented.
Don’t let another minute go by without cyber security protection from a professional service. Your business success could depend on it.
