Security now extends beyond the physical. You need to be able to protect your business from threats coming from the digital world. This may seem like an overreaction but with the increased dependence on the Internet, cybersecurity should be one of your top priorities.
Here’s why:
No Business Too Small
One of the first things you might be thinking would be that it is too expensive for a small business to invest in cybersecurity and that you don’t need it anyway. After all, you’re a small business, what would cyber thieves get from you? Many things actually. In this day and age, hackers are after information and even small businesses collect data like credit card details and more that can be used for identity theft and fraud.
Fortunately, it is possible to protect your business affordably. For example, you can get security operations on the Service Now platform at an affordable price. You don’t need to spend much to get the protection you need and even a small business can have cybersecurity that matches that of the bigger corporations.
The Expense of Breaches
Having your data stolen is not just the biggest threat you will face from a security breach. This is because people are not going to be happy with their data getting stolen and they will sue you. The expense of the lawsuit is just the beginning. Some countries place fines on those companies that fail in their security duties. There is also the fact that customers will not be trusting you anymore.
With the loss of trust comes lower patronage, which will mean reduced revenue in the future. This will go on until you rebuild that trust and that will not be happening soon after a breach.
Increasing Spread of Hacking Tools
If you think you will be safe because only experts would be able to hack your systems, you are wrong. With the help of the Internet, hacking tools are spreading across the world at a faster rate. Most of these only require minimal training to use. Ransomware and crypto mining are just two of the threats out there that don’t need much tweaking to start becoming profitable for cyber criminals.
Stricter Regulations
The world’s regulatory bodies are taking cybersecurity threats seriously. That is why you can expect to see tighter regulations when it comes to cybersecurity. The EU’s GDPR is just one example of the high level of regulation that you can expect. Trying to comply with these regulations after they have been put into place can be difficult. It would be better to practice the security arrangements before they are implemented.
Increased Connectivity
In the past, you only had to worry about desktop computers. With the prevalence of Wi-Fi connection and various gadgets, there are dozens of ways that your security can be breached. This increasing vulnerability must be handled properly or you can end up facing a data breach.
Taking measures to protect your data is now something that is expected out of every business. The reasons above should encourage you to take the necessary steps. With the high risk of security breaches, investing in measures to prevent them is a reasonable approach. You may just dodge losing millions by just spending a few thousand.
