Here’s Why Small Businesses Should Invest in Cybersecurity

One of the most common and dangerous misconceptions about cybersecurity is that small businesses don’t need to invest in it. Many assume it’s highly unlikely that cybercriminals would target them because there are much bigger targets on the market. The harrowing truth is that cybercriminals tend to attack small businesses not for the potential gains (which are nothing compared to attacking bigger targets), but rather for the ease of exploitation.

A seasoned hacker can gain access to your sensitive information faster than the time it takes to prepare a cup of coffee. Besides the obvious security threat, there are other reasons why small businesses need to invest in cybersecurity.

Client Trust

Customers value their privacy. This is especially true with e-commerce, wherein customers need to share personal details such as card information and their address in a transaction. When it comes to your business, customers need to be able to trust that you’re capable of protecting their personal information from cybersecurity leaks. There are a number of ways to do this, that range from simple methods such as by using a VPN like in VPN, to encrypt your data transmissions, to more complex methods such as hiring a cybersecurity agency to test your security system to find vulnerabilities in your system.

Protecting Trade Secrets

Every business needs to have a competitive edge over their market rivals by creating a product that is unique to them. Whether it’s a special manufacturing technique, a unique recipe, or even just research data, small businesses need to have cybersecurity measures to keep their trade secrets from being stolen. Remember that your competitors would happily buy your trade secrets from hackers if they had the opportunity.

Protect Long-Term Brand Reputation

Another major reason why you need to invest in cybersecurity is that a data leak can have a lasting adverse effect on your company. Remember that when an investor buys a company, they also buy their data. Nobody wants compromised company data, and investors may offer far less for your company, or even back out of negotiations upon finding out that your data has been compromised.

Data Leaks Have Extraneous Costs

Finally, having a secure system allows you to avoid extraneous costs associated with data leaks. Data leaks in themselves cause a dramatic decrease in revenue either because customers stop buying from your company or because your online operations cease temporarily. However, there are also corresponding fines that the FCC may impose on your company. Most companies do not recover from such a financial blow. Your company may also face lawsuits, an increase in insurance premiums, and you’d also have to spend a significant amount of money on PR in order to mitigate the effects of the data leak.

The number of cyberattacks dramatically increased last year because of the equally dramatic increase of our dependence on the internet. Cybersecurity has always been important in the digital age, but it is especially important now because of the fact that small businesses will rarely ever recover from the financial impact of a cyberattack. Remember that cybercriminals target small businesses not for the potential yield, but rather for the ease of attacking their systems.