Cybersecurity – it isn’t just a buzzword. It’s a necessity. If you’re running a business in today’s digital-reliant world, cybersecurity should be one of your top priorities.
Unfortunately, some business owners and managers don’t invest the funds needed to protect their data from increasingly sophisticated threats. Why? Because, to them at least, cybersecurity isn’t a profit driver. On a surface level, it doesn’t promote growth, save time, or increase efficiencies.
We’re out to put an end to that type of thinking. A staggering 58 percent of cyberattacks target small businesses. And, the number of attacks launched by malicious threat actors has increased by 15 percent each year since 2013.
It’s not a matter of if. It’s a matter of when.
The good news is, upgrading your cybersecurity efforts can help you in more ways than you might think. In addition to preventing breaches, enhanced network security will benefit your operations across the board. Let’s discuss four specifics.
1. Improved cybersecurity can save you money
Budget is always a leading concern. Guess how much the average cyberattack costs to rectify? $500,000? Higher. $1 million? Even higher. The average cost of a cyberattack is now over $1.6 million. That’s a pretty penny, alright.
Could your small business afford that kind of sum? If you’re anything like the rest of us, the answer is probably no.
Implementing the correct cyber defenses can prevent costly attacks, saving you money – and potentially preventing your company from closing its doors for good.
2. Proper cybersecurity efforts safeguard your reputation
This benefit operates two-fold.
First, if your business experiences a successful breach, you will have the processes in place to act fast and eliminate the attack before it causes too much damage. From your customer’s perspective, your business has demonstrated its commitment to protecting business and client data. That’s a good look – one that’s sure to garner long-term loyalty.
Even if an attack doesn’t occur, your security measures will help you earn the trust of customers and prospects. They’ll feel more comfortable handing over their private information to your company, which means more sales, more profit, more growth.
3. Cybersecurity best practices give you access to superior features
Most businesses rely on software of some kind – whether that’s cloud-based or otherwise. Keeping this software up-to-date is one of the most critical security best practices you can follow. Updates contain vital security patches that quite literally ‘patch up’ new or undetected vulnerabilities.
Even better, when you continually keep your software updated, you and your team will benefit from the new features, functionalities, and performance improvements included. It’s a win-win.
A great example of this is the end of support date for Windows 7. Updating your devices to Windows 10 won’t just give you access to the latest features, but it will also ensure your information is protected.
4. Cybersecurity gives your business a competitive edge
Finally, investing in cybersecurity gives your business a competitive edge. You’ll be able to offer greater customer protection and enhanced functionalities.
What’s more, any profits you make can be confidently allocated to expanding your reach and growing your operations. Your hard-earned dollars won’t end up in the hands of a cybercriminal.