Many business owners don't think about cybersecurity until it's too late. Cybersecurity is not something that businesses can afford to ignore. There are several scary consequences that can result from your business’ lack of security awareness and preparedness.
According to a study by IBM, 60% of businesses that experience a data breach go out of business within six months. A similar report, also by IBM, found that the global average cost of a data breach in 2020 was $3.86 million, a 10% increase from 2019.
Here are seven facts that should make you think twice about neglecting your cyber defences.
- Small businesses are not immune to cyber threats. According to Verizon, 43% of cyberattacks target small businesses in general. Small businesses often lack the resources and expertise to protect themselves from cyberattacks, making them more vulnerable.
- Cyberattacks can disrupt operations and productivity, cause downtime, data loss, system damage, and network outages. That means loss of revenue and customers.
- The weakest link in a secure environment let alone in a business with no security controls. Human error is a major cause of data breaches. According to IBM, 23% of data breaches in 2020 were caused by human error, such as phishing, weak passwords, misconfigured settings, or lost devices.
- Data breaches damage reputation and customer trust. Consumers will not think twice and take their business elsewhere if they lose trust in how a business protects their data. Don’t forget the legal and regulatory consequences, and loss of competitive advantage.
- A cyberattack can target not only your digital assets, but also your physical infrastructure and devices, such as smart meters, cameras, sensors, vehicles, and medical equipment. This can pose serious risks to your employees, customers, and the public.
- Just because a company has moved its data or services to the Cloud does not mean they are not responsible. Cloud security is a shared responsibility. According to Gartner, by 2025, 99% of cloud security failures will be the customer's fault. Cloud providers will take care of the infrastructure, but customers are responsible for their data and users.
- Mobile devices are a challenge for administrators. They are often used to access sensitive data and applications, and they are also exposed to various threats such as malware, phishing, theft, or loss. Without any controls, a business’s data is at risk – from email to documentation. A hacked phone can also be used to access the business network.
A business that ignores cybersecurity is putting everything at risk. Investing in cybersecurity is not a cost and this is a key message. The cost of a breach is far higher than an investment in a security solution. A very good reason for any business to invest in cybersecurity.
How BMIT can help
Every business has a unique set of needs. We can help you build your internal capabilities and identify ways to boost security in your business. Contact us, and one of our specialists will get in touch with you immediately.