Want to know something interesting? Hackers and cybercriminals simply love Small Businesses!
Why 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 compared to bigger businesses.
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 that 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 start thinking seriously about cybersecurity infrastructure. Many states 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 2021
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 have to use storage solutions like the cloud. In addition, most small businesses are also experimenting with workflow software. 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 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. 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! 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 to are getting more advanced. From coordinated malware attacks to unsuspecting phishing emails, you just do not know where the next attack is going from. To keep pace with the advanced nature of attacks, it is necessary that the best cybersecurity solutions are employed.
The Bottom Line
In 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. 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.