In today’s digital landscape, your business relies on technology for your operations and growth. This reliance on technology means that your business is a target for cybercriminals. Investing in cybersecurity is your insurance against becoming a victim of a costly breach or worse.
According to Kaspersky and B2B International, the average cost of a SMB breach, depending on the type and scale, is $140,000. That financial cost can be a huge blow for a business, especially if they do not have cybersecurity insurance.
The financial impact of a security breach is not the only reason why you should invest in cybersecurity.
Here another 7 reasons.
- Cyberattacks are on the rise
Cybercriminals do not discriminate. Every business and organisation is a fair target. SMBs are easier targets because malicious actors know the measures in place are not sufficient to cover every attack vector. It’s not ‘if’ but ‘when’ a business will become a target.
- Cost and reputation
These go hand in hand. Security breaches and data loss are costly and hit your profitability. The business’s reputation will suffer as well, sometimes irreparably. For example, companies like Facebook, Adidas and Ticketmaster all suffered significant brand damage after breaches.
- Customer trust
Your customers and stakeholders expect you to take data privacy seriously and protect their sensitive information. When you invest in cybersecurity, you demonstrate to them that you prioritise their privacy and take steps to protect their data. This commitment can help build trust and enhance your business’s image and goodwill. Customers will also be more willing to do business with you.
- Data protection
Data is the lifeblood of your business. Cybercriminals are using sophisticated and persistent attacks to steal sensitive data, disrupt operation, and extort money from business. Protecting data from unauthorised access, theft, alteration, or destruction, should be your #1 priority.
Investing in cybersecurity is often a compliance requirement in certain industries, with hefty fines imposed for breaches and legal consequences. Always remember that it takes only one breach or attack to force a company out of business.
- Business continuity
A successful attack can disrupt your business’s operations, causing significant downtime and financial losses. By investing in cybersecurity measures, such as backup and disaster recovery systems, you can be back up in running in a matter of hours rather than days or weeks, if at all. With the right measures, you ensure business continuity in the event of an attack, faster recovery times, and a much reduced impact on operations.
- Internal benefits
Investing in cybersecurity has other benefits that may not be immediately obvious to the business. When you invest in new technologies, you have an opportunity to review business processes, company policies and improve how you do business in general. You also get to implement technologies that may boost customer interaction and satisfaction.
Cybersecurity is a vital investment for any business that wants to survive and thrive in the digital age. By investing in cybersecurity, you can protect your business’s data, systems, networks, devices, programs, and reputation from cyber threats.
Businesses of all sizes and sectors should adopt a proactive and comprehensive approach to cybersecurity and implement the best practices and solutions that suit their needs and goals.