It’s no secret that cybersecurity can be a burden for small business owners. You’re already juggling a lot of responsibilities and now you have to worry about your business’s data being vulnerable and losing the thing you’ve worked so hard to build.
But we’re not here to focus on the negative! Small businesses can stay safe online, even if they’re on a limited budget. Here’s what you need to know about protecting your customers’ data.
Is Cybersecurity Hard for Small Businesses?
The all-important question! Is cybersecurity hard to manage for small businesses? You might be facing some or all of the challenges we cover in this section. If you are, know that you’re not alone in struggling with cybersecurity. Around 47% of businesses that have less than 50 employees don’t have any kind of cybersecurity budget.
Here are a few reasons why:
Limited Budget, Resources, and Time
Small businesses often operate on shoestring budgets. Allocating resources to cybersecurity can be challenging when you have other pressing financial needs. Additionally, small businesses may lack the manpower and time required to focus on cybersecurity effectively.
Balancing Cybersecurity with Day-to-Day Tasks
Running a small business can be all-consuming, as you well know. You and your employees often wear multiple hats, which leaves little time to dedicate to cybersecurity. Finding the right balance between managing day-to-day operations and implementing robust security measures can fall to the bottom of the to-do list for many.
In fact, 36% of small businesses are “not at all concerned about cyber attacks.” They either don’t think they’re a target (which we’ll cover in below) or just don’t have the time and energy to invest in security.
Lack of In-House Expertise
Cybersecurity is a complex field that requires specialized knowledge. Many small businesses do not have the luxury of hiring a dedicated cybersecurity expert. This knowledge gap can make it difficult to assess and mitigate potential threats effectively.
Are You Really at Risk if You Don’t Have Cybersecurity Measures?
If you decided the small business life wasn’t for you and instead chose to take up a life of bank robbery, who would you rather target:
- JP Morgan Chase, with the most advanced threat protection and physical security measures.
- The small local bank that has one functioning security camera and no security guards.
The payout would be bigger with JP Morgan but your chances of escape are slim. With the local bank, you can get in and out and quickly enjoy your cash. Many cybercriminals are ignoring the large corporations with massive security budgets and turning toward small businesses with poor cybersecurity.
There are a myriad of research reports that have come out in the last few years showing that small businesses are the prime target for cybercriminals. Here are a few of the most sobering findings:
- 43% of cyberattacks are targeted at small businesses
- The average cost for a cyberattack on an SMB is from $826 to $653,587
- 87% of small businesses have customer data that could be compromised in an attack
So, you are a target for a breach. But there are measures you can take to reduce your risk.
What Can You Do?
The good news is that there are plenty of cost-effective security measures that small businesses can implement. Here are the basics:
1. Invest in Cybersecurity Training & Education
The only way you’ll be able to protect your business and customers from cyber threats effectively is by educating yourself and your employees. Make sure you understand the latest cyber threats, how to prevent them, and what to do if they occur.
2. Implement Strong Security Protocols
It’s important to enforce good security practices such as creating secure passwords, training employees on how to spot potential phishing emails, and having updated antivirus software on all computers. Additionally, you should consider investing in a comprehensive security solution to protect your data.
3. Have an Incident Response Plan
In the event of a breach or other cybersecurity incident, having an incident response plan (IRP) is essential. An IRP outlines what steps you and your team need to take to respond quickly and minimize the damage from the attack.
4. Outsource Cybersecurity Needs
If you don’t have the budget for an in-house cybersecurity team, consider outsourcing your security needs to a third party. Doing so can help you stay ahead of ever-evolving threats and reduce the risk of data breaches.
Clients trust our team at Telewire to either support their in-house team or completely manage their security needs and do so with affordability top of mind.
5. Learn Applicable Compliance Regulations for Your Industry
Although compliance can feel like another to-do list item, the regulations are there to help protect your business. Take the time to learn which regulations you and your business need to comply with and how best to do so.
Would Telewire be a Good Fit for Your Security Provider?
Firewalls and anti-virus programs are important components of a good security plan, but they’re not enough. Small businesses from all industries partner with our team at Telewire for complete cybersecurity solutions. You can have peace of mind that you’re doing everything necessary to protect your business data, customers, and bottom line.
We know that price is a concern for small businesses but there’s a good chance that partnering with Telewire is less expensive than you think! We offer customized packages that get you the services you need without paying for anything you don’t.
Reach out today to find out more about how we can help make cybersecurity manageable for your small business!