Why Your Business Needs To take CyberSecurity More Seriously

The onset of the pandemic has caused a massive spike in internet use. As we all know by now, the virus has forced the vast majority of people to stay home in order to prevent the virus from spreading further. In response to the limitations imposed by these lockdowns, more and more people have opted to shift online in order to get their tasks done. While the internet has proven to be a lifesaver, it is only a tool.

And like any tool, the internet can be used to build or to harm. The spike in cybercrime incidents is a mute but eloquent testament to this. But, if there's one thing that's just as dangerous as the cyberthreats, it's the fact that a lot of businesses take cybersecurity for granted.

Why Do Some Businesses Forego Cybersecurity?

Many small businesses may think that because they aren't as lucrative a target as big companies, they aren't going to experience cyberattacks. On the contrary, small businesses are a prime target of cybercriminals because of this notion, and the fact that small businesses tend to forego cybersecurity in order to minimize expenses. Which is silly when you weigh the costs.

How Much Does A Cyber Attack Cost Your Business?

According to this study, insider-related cyber attacks cost about 7.68 million dollars on average. Now, consider the fact that this is only monetary damage. Things such as customer records, trade secrets, and other sensitive data could be stolen by hackers, and this may be even worse than losing your money.

And even when recent reports show that the number of cyberattacks on small businesses has decreased in favor of attacking bigger businesses, the fact remains that many of the exploits used to attack big corporations are more than enough to compromise small businesses.

Having established this, why should businesses take cybersecurity more seriously?

Growth

Business owners should always rely on foresight and planning. If you don't have a plan for growing your business, you're likely going to stagnate or go bankrupt. When you have a basic cybersecurity system in place, it's going to be much easier to build on it rather than start from scratch only when you need it. Your business will eventually grow, which means that your business will eventually become a target for cyber attacks.

Reputation

Another reason why your business needs a cybersecurity system is to guard your reputation, such that it presents to your customers that you are secure and that they can trust your business enough to transact with it. If anything is more valuable than a paying customer, it's a returning customer. It's also because of this that many businesses hire IT Support for cyber security.

Again, just because your business may not be as lucrative a target as big corporations doesn't mean that your business is going to be free from cyber attacks. Remember that what makes small businesses enticing to cyber criminals is not the potential value they offer, but rather because of the fact that they are soft targets.