During the COVID-19 pandemic’s first wave, companies collectively spent an additional $15 billion a week on technology.
As a small business, your spending on technology might not be in the seven-figure range, but there’s no doubt you aren’t stuck in the traditional world either. Technology can revolutionize the performance of your business.
However, with an investment in technology comes great risk: cyberattacks.
As long you’ve digital systems in your business, cybersecurity should become one of your biggest priorities. Are you wondering why it’s important to invest in cybersecurity for your small business?
Read on to find out!
1. Keep Your Business Out of Hackers’ Reach
Did you know the #1 reason small business owners don’t invest in cybersecurity technology? They think their businesses are too small to be attacked.
It’s understandable if you hold this view. After all, it’s always the big corporations like Sony and Yahoo making it to the news after they have been hit by a cyberattack. You’ve certainly never heard any news of a cyberattack targeting a small business.
While it’s true that small companies that have been hacked don’t make it to the news, it’s not true that these businesses aren’t under threat. In fact, small businesses are a prime target for hackers. According to the most recent data (2019), 43 percent of cyberattacks were targeting small businesses.
If your business has never been attacked, it’s only a matter of time until something happens. Is your business ready to face a cyberattack?
Here’s the more depressing bit of data: Over 60 percent of small businesses that are attacked go out of business within six months. Those that recover spend over $200,000 in recovery costs.
As you can see, investing in proper cybersecurity measures can mean the difference between a failed business and a successful business. Hackers can bring your business to its knees. And even if you’ll be able to recover fully, you’ll be counting massive losses.
2. Safeguard the Reputation of Your Business
Over 90 percent of online consumers check the online reviews a business has before making a purchase. If you know this, then know how important it is to ensure your business maintains a strong reputation, especially on the internet.
There are several measures you have taken to ensure your business builds and maintains this reputation. These include offering quality products and services, responding to customer complaints, and ensuring your website is fast and responsive.
The only thing missing from your arsenal? Putting cybersecurity measures in place!
Cybersecurity might not have a direct impact on the reputation of your business, but wait until something goes wrong then you’ll realize its value.
Let’s say your business faces a massive cyberattack and the hackers steal customer data or even deface your website. News that your business has been hacked will have a negative impact on its image. It shows that you don’t take cybersecurity seriously.
With such a reputation, you’re going to have a hard time convincing customers to trust you with their personal and financial information. If you sell online and require customers to sign up for an account before making an order, your sales will decline dramatically.
3. Improve Workplace Productivity
Any savvy business owner knows the benefit of investing in the right workplace technology. Your employees will not only be more productive but also more satisfied and engaged in their roles.
However, if you aren’t safeguarding your technology with the right cybersecurity solutions, you’re undoing your big efforts. Computer viruses and other types of malware can invade your system and bog it down.
Ever tried to log into your account at work only for the system to reject your correct credentials? Or do your systems get painfully slow from time to time?
Such issues can harm your workplace productivity. Your employees will take longer to complete their tasks and they can easily become disgruntled. Nobody wants to sit behind a slow computer all day.
Investing in cybersecurity can also improve employee loyalty. If your systems keep getting compromised, employees won’t feel safe in that work environment. Some will quit to join companies that prioritize cybersecurity.
4. Keep Up or Stay Ahead of Your Competitors
The cost of cybersecurity solutions is one of the main reasons many small business owners don’t invest in them. While this is understandable, there are affordable ways to go about it. Hiring a cybersecurity firm is usually more cost-effective than hiring in-house cybersecurity specialists.
This is probably what your competitors are doing if you’re wondering how they’re affording to secure their digital assets. And if they haven’t embraced cybersecurity, you have a chance to pull ahead of them and gain a competitive advantage.
The modern customer is tech-savvy, which means they can tell whether a website is secure or not. If your site is secure and your competitor’s isn’t, they can choose to buy from you based on that alone.
Let the Power of Cybersecurity Protect Your Business
The internet has revolutionized both the business and consumer worlds. Taking your business online is a smart move, but then the internet isn’t a safe place. There are hackers on the loose, looking to attack your business and steal your data.
Cybersecurity is the solution to online threats. It keeps your business data safe, helps improve customer confidence and trust, and safeguards the reputation of your business.
Keep reading our blog for more business and technology insights.
Rachel Dixon works on travel and features at Daily Mid Time
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