Many small business owners must consider of costs daily. Balancing costs, wages, and growth already makes budgeting a nightmare. However, these costs are planned and expected. The cost that businesses face when they fall victim to an attack is immense and it is always a surprise. In fact, the cost is sometimes too much, as 60% of small and medium sized businesses that are hacked go out of business. Businesses simply cannot afford to be a target, or they risk bankruptcy. There are few factors that have such a direct impact on the lifeline of an organization as cybersecurity. Secure practices can prevent these costs from becoming a reality.
Somewhat related to the previous reason, businesses can incur liability if client information is compromised. That means costs, and costs put businesses at risk as discussed above. For example, a company that gets hacked may be liable to pay clients for losing their information, legal costs, fines, and may need to pay a hacker if they hold the information for ransom. Many companies turn to hacking insurance and complex terms and conditions, but this does not prevent the problem as much as it shifts responsibility. The only way to prevent a hack is to bolster cyber defenses.
Trust is tied to legality in the sense that nobody wants to hire a company that has a history of legal issues. Clients want to work with firms that are responsible and having a strong cybersecurity budget goes a long way. A history of legal cases and weak network infrastructure will not inspire confidence in potential partners and customers. They want to work with people who take security as seriously as they do. It is imperative that business owners do not understate the importance of budgeting for cybersecurity, or they risk prosecution, high cost, and lost trust.
I hope you find these tips helpful. For more details on how to apply these tips to your business, please contact me, your strategic technology planner, at SecurityFirst@BrickTechIT.com or at (407) 244-4494.
BrickTech provides IT Support, IT Consulting, Managed IT Services and offers VoIP phone systems in Orange County and Seminole County including Orlando, Winter Park, Oviedo, Maitland, Altamonte Springs, Casselberry, Longwood, Lake Mary, Sanford and surrounding areas.