Is Small Business Cyber Security Expensive?

Dec 30, 2021 | Uncategorized

IS SMALL BUSINESS CYBER SECURITY EXPENSIVE?

With stories of cyberattacks on businesses of all sizes, it is no surprise that small business owners wonder if cyber security is essential for them too and how much it will cost them. Just like anything else, cybersecurity also requires monetary investment and needs some space in your budget.

Small Business Cybersecurity is not going anytime soon and is rather becoming more relevant than ever before. This article will discuss what you need to know about cyber threats and if you should be budgeting for it this financial year.

What is At Risk for Small Businesses with Cyber Attacks?

Cyber attacks can put your data, IT systems, and money at huge risks. If a hacker gets access to your network, they can do a lot of damage to your business like:

  • Customer baking details
  • Your business’s banking details
  • Access to client information
  • Product designs
  • Expansion plans
  • Manufacturing processes
  • Pricing structures
  • Supplier details

Cyber attacks not only put your business at risk. When they get access to your network, it becomes a stepping stone into hacking other companies and networks whose supply chain you are a part of. That’s why it is important to get your small business cyber security in order.

What is the Impact that Cyber Attacks Have on Your Business?

A cyber-attack will drastically impact your business. One of the most devastating results of a cyber-attack is your business is forced to shut down. Apart from that, there are other consequences your business may experience such as –

  • Financial losses due to disruption of your business
  • Cost of restoring the business network after a breach
  • Financial losses due to the theft of banking details
  • Loss of customer data
  • Damage to reputation

The true cost of a data breach is not always known immediately. Expenses will spread over time, and their effects will be unrepairable at a later stage.

What Can You Do to Protect Your Business with Small Business Cyber Security?

As a small business, you might feel there is nothing you can do to prevent cyber-attacks. However, small business cyber security has become more affordable than ever. Compared to the losses you can experience with each cyber-attack, investing in cybersecurity is well worth it. Here are some steps to help you get started on improving cyber security for your business network –

  • Train Your Employees – Employees can carelessly or unknowingly give access to your business data to criminals. Thus, it is essential to invest in cybersecurity training for employees to educate them on different risks.
  • Perform Risk Assessment – Examine and evaluate potential risks that might compromise your business security. Use the information to refine your cyber security strategy for additional protection.
  • Deploy Antivirus Software – Use anti-virus software on all devices to protect them from spyware, viruses, and phishing attempts.
  • Financial losses due to disruption of your business
  • Cost of restoring the business network after a breach
  • Financial losses due to the theft of banking details
  • Loss of customer data
  • Damage to reputation

The true cost of a data breach is not always known immediately. Expenses will spread over time, and their effects will be unrepairable at a later stage.

How Much Should You Spend on Small Business Cybersecurity?

Not that you have a better understanding of how your business can be attacked and what impact it will have on your business, cybersecurity is not something you can afford to ignore. Like any other component of your business, several factors will influence how much you should spend on small business cyber security. Here are some of them –

  • The size of your company and the industry you are operating
  • Sensitivity of the data you collect and use
  • Compliance mandates that affect your business
  • Special requests you receive from customers and other stakeholders

Cybersecurity is no longer an option for businesses; it is a must. It is critical for every business and should be a part of your business budget. It is a small amount to pay for peace of mind knowing your business is fully protected.

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