Both Large and Small Businesses MUST Invest in Cybersecurity
The Colonial Pipeline and Equifax cybersecurity breaches may make for dramatic headlines, but they also enforce an unfortunate myth that small or lesser-known companies are off the radar for hackers. To the contrary, most hackers know that smaller or less obvious companies generally also have little to no security and, therefore, target them specifically. Despite ever-increasing cyber threats, cybersecurity continues to be an afterthought for many companies. Protecting both your company and your clients should be a top priority, but often, businesses avoid making the necessary investments and implementing the protocols to defend corporate data.
The threat of cyberattacks grows significantly every year, and even the best protection cannot guarantee complete security. However, enacting a multi-faceted system of tools and personnel will make your company much less vulnerable.
More to Lose, More to Protect
Larger businesses are somewhat more likely to be targeted by cybercriminals, simply because they have more to lose. Criminals enjoy a huge payday when they successfully attack a large firm, and these attacks often become major news stories. Because of the large amount of money to be made, the difficulty in preventing attacks, and an inability to identify and prosecute cybercriminals, these attacks will inevitably continue to increase.
But Small Businesses are Also Vulnerable
Smaller firms tend to shrug off warnings, believing that their data is of no interest to cybercriminals. However, that data is profoundly important to the firm itself, and a breach or other security event that prevents access to it can be incredibly costly. In fact, 43% of cyber attacks affect small businesses, and 60% of those firms will be out of business within six months of an attack (Nerdwallet). Furthermore, even if your business survives the economic disaster of a cyberattack, your reputation may not.
The Need for Cybersecurity Solutions
Trying to keep up with the latest security tools and other defenses often leaves business leaders feeling frustrated and confused. Vulnerabilities, virus variants, ransomware, and breaches seem to evolve as quickly as the defenses used to stop them, but investing in robust solutions, including a well-trained team of security professionals, will help mitigate risk. Antivirus software, password managers, multi-factor authentication, employee training, access monitoring, data backup, and written policies all play important roles in deflecting cybercriminals. Using a password manager, for example, will keep your accounts secure as well as help you create strong, unique passwords that are less likely to be hacked. Home networks, used by employees in a hybrid work environment, must also be secured and monitored, as they are particularly susceptible to attack. Your business likely has its own unique needs that must be addressed with various tools, systems, and protocols.
Conclusion
Cybersecurity protection should be a top priority for businesses of all sizes. While the investment may be significant, avoiding the extraordinary financial and reputational cost of an actual breach should make it an easy decision.
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