Around two thirds of small and medium sized businesses have already come under cyber attack in the past few years. These attacks are constantly evolving to become increasingly complex, sophisticated and hard to stop. Despite this, many businesses still don’t have cyber security in place, even though there are many benefits to investing in this kind of protection.
The benefits of cyber security
- Recognising a very real and escalating risk. Cyber attacks aren’t going to stop any time soon - in fact they are highly likely to continue to get worse. Most businesses today are now reliant on technology to operate and with hackers getting better at breaching defences all the time it’s vital to take steps to protect that technology. Investing in cyber security provides the opportunity to establish security policies and systems that deal with both known and emerging threats.
- A robust infrastructure for growth. The process of implementing cyber security requires getting to grips with your business’ data and how this is managed. Going through the process of investing in cyber security will give you a robust framework to function within as the business expands, one that continues to provide protection even as the volume of digital assets grows.
- Avoiding the costs associated with a cyber attack. If your business comes under attack it can have a whole range of financial implications. Operational disruption can be expensive and you may find that your business is hit with lawsuits if others’ data is compromised as a result of an attack. Reputational damage, intellectual property theft and loss of revenue due to stalled operations can also add to the bill. Investing in cyber security for your business in advance of any issues arising can help to avoid a situation where you suffer catastrophic financial loss as a result of an attack.
- Credibility and assurance. From clients and customers to investors, if you can demonstrate you’re investing in cyber security then it helps to build credibility and trust. You may need to prove that cash invested in the business will be secure, or that those who hand over their data to you can trust you to protect it. Cyber security is increasingly becoming a priority for many people and organisations in terms of those that they work with and contract on a regular basis. Being able to show that you take this seriously and have rigorous policies and controls in place will inspire a lot of confidence in your business.
- Compliance. There are a number of different regulatory standards that require compliance from every business today, no matter how small. Not least of these is the GDPR, which introduced stiff fines for organisations that don’t take steps to protect data and avoid cyber security attacks. Investing in cyber security now can help to avoid regulatory penalties in the future.
These are just some of the benefits of investing in cyber security for your business - from compliance to credibility, there is a lot at stake.