Top 5 Reasons Small Businesses Should Invest In Cybersecurity In 2024
Want to know something interesting? Hackers and cybercriminals simply love Small Businesses!
Why do you ask?
Well, because stealing data and other sensitive information from them is like walking into a bank and accessing the vault. Without any guards, cameras, sensors, or any other security in place!
There is a fundamental underlying assumption that small businesses do not attract the attention of cyber criminals simply because they do not have as many resources as bigger businesses.
This could be far from the truth!
However, attaching bigger businesses that have security infrastructure in place is difficult. This makes small businesses an easy target and victim of cybersecurity breaches and data thefts.
Importance Of Cybersecurity For Small Businesses: What You Need To Know
According to statistics released by Verizon, of all the cyberattacks that took place in 2019, 43% took place for small businesses!
The year 2019, saw cyberattacks increase by over 63% for small businesses over the last year (2018).
The fact of the matter is that increasing tech and digital adoption which have been pointed out as being necessary for small business growth also attract cybersecurity concerns.
For example, a small business looking to start an E-commerce platform cannot afford to take into consideration its security.
According to cybersecurity experts, it is high time small businesses started thinking seriously about cybersecurity infrastructure.
Many state that solutions like a Pki certificate can go a long way in boosting security infrastructure in internal and external communications.
List Of Top 5 Reasons Small Businesses Should Invest In Cybersecurity In 2024
Yes, it is equally important as any other investment for your entrepreneurial journey!
1. Complimenting Increase Digital Presence-
It is true that small businesses cannot afford to not be present on digital platforms like search engines and social media.
They also must use storage solutions like the cloud. In addition, most small businesses are also experimenting with workflow software.
Plus, all this means that there are a lot of exposed points that can turn into vulnerable avenues for cybercriminals.
2. Building Trust And Confidence In Consumers-
Cybersecurity is no longer something that only brands worry about. Normal consumers too are very aware of how brands are collecting, storing, and using their personal data.
If a business does not have proper cybersecurity protocols in place, consumers do not want to buy or avail themselves of products and services for them.
This is why small businesses should invest in cybersecurity.
3. Lesser Resources Means Comebacks After Cyberattacks Are Low-
Data suggests that small businesses that have been exposed to cyberattacks have a less likely chance to continue their business operations.
In fact, a survey found that more than 60% of all small businesses that had suffered from some episode of a cyberattack shut down within a period of six months!
Thus, comebacks are far tougher for smaller businesses because of limited resources.
4. Untrained Employees Can Become A Liability
If you are a small business trying to make a digital transition, you might know how difficult it is to get your employees on board.
At a time when they are still grappling to come to terms with the basics, you cannot start thrusting cybersecurity and its importance on them.
It is better to establish a cybersecurity network and gradually ease them into the process.
5. The Attacks Are Getting Advanced-
While cybersecurity infrastructure in the form of network solutions, firewalls, etc., is getting more sophisticated, cyber attackers are getting more advanced.
From coordinated malware attacks to unsuspecting phishing emails, you just do not know where the next attack is going.
Therefore, it is necessary that you get the best cybersecurity solutions to ensure the much-needed boost and encouragement to invest in cybersecurity solutions in 2021.
How Much To Invest In Cybersecurity – A Budget
Investing in cybersecurity is necessary for small businesses to safeguard their assets.
Yes, with the advent of cloud storage and almost everything on the Internet, security should be a priority.
This is especially true if you are dealing with a business that takes your customer’s confidential data. Any breach in that data can cause you to lose all credibility and can also be detrimental to your business.
If this is your first business, keeping a budget separate for cybersecurity purposes is crucial.
We understand that, as someone new to the race, it can be challenging to understand where to invest. After all, it is not just about buying an antivirus.
Below is a sample budget breakdown to help you determine how much of your funds should be allocated toward necessary cybersecurity.
Please remember this budget is designed around the needs of up to 50 employees, which is considered a small business in the USA.
1. Security Software and Tools
Antivirus/Anti-malware Software: $200 – $500 per year
Firewall and Intrusion Detection/Prevention Systems (IDS/IPS): $500 – $1,000 per year
Virtual Private Network (VPN) for Secure Remote Access: $300 – $600 per year
Email Security Solutions: $300 – $700 per year
Endpoint Detection and Response (EDR): $1,000 – $2,000 per year
Total for Security Software and Tools: $2,300 – $4,800 annually
2. Security Hardware
Secure Routers and Firewalls: $500 – $1,500 one-time cost
Backup Storage Devices: $500 – $1,000 one-time cost
Access Control Systems: $300 – $800 one-time cost
Total for Security Hardware: $1,300 – $3,300 one-time cost
3. Data Encryption
PKI Certificates: $200 – $500 a year
Disk Encryption Software: $100 – $300 per year
Total for Data Encryption: $300 – $800 per year
4. Employee Training and Awareness
Security Awareness Training Programs: $1,000 – $2,500 yearly
Phishing Simulation Tools: $300 – $700 per year
Total for Employee Training and Awareness: $1,300 – $3,200 per year
5. Security Policies and Compliance
Policy Development and Implementation: $500 – $1,500 annually
Compliance Audits: $1,000 – $3,000 per year
The Bottom Line
According to the estimates of experts, cybersecurity breaches are expected to cost the world around $6 Trillion Dollars in 2021! This is more than the GDP of some of the world’s most developed nations.
Cybersecurity is a real and present danger of our times. Therefore, if small businesses are not taking care of their cybersecurity, they are sitting on a ticking time bomb.
Paying attention to the reasons mentioned in the article should give small business owners the much-needed boost and encouragement to invest in cybersecurity solutions in 2021.
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