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8 Reasons Why Small Businesses & Start-Ups Need Cybersecurity

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As a small business owner, you have a lot on your plate. Trying to maintain an overarching vision for your business while keeping up with the daily tasks can be exhausting. Some individuals make the mistake of neglecting to invest in cybersecurity, and their business ends up suffering from it. We will be examining the importance of cybersecurity and why more small businesses should keep it in mind as they plan for the future.

1.    Installation of Malware

Most businesses use at least one computer in their daily operations. A cyber attack is when hackers target a business’ computer or network. They aim to extort money using whatever means are at their disposal. A popular hacking method is infecting your electronic devices with malware that steals confidential information. Hackers can either sell this data on the dark web for identity fraud or they can hold it for ransom, and the company must buy it back.

2.    Small Businesses Are a Means to an End

Cybercriminals are relentless and do not care how large or small your business is. Any computer or device is at risk, and you should always protect it. Small businesses are often targeted because the hacker wants to attack larger businesses that associate with you.

For instance, a large company might work with a small sub-contracting business that has a weak security system. The hacker would logically aim for the subcontractor and glean data from the large company through them.

3.    Small Businesses Have More Vulnerabilities

In general, small businesses have fewer resources to spend on cybersecurity as compared to larger organizations. They have smaller budgets and a long list of start-up costs to allocate funds to. In addition to this, small businesses are less likely to employ IT professionals who can assist in protecting computer equipment.

Hackers are aware of these vulnerabilities and take advantage of them. If there are fewer securities in place, it is easier for hackers to infiltrate the systems.

4.    Hacks Can Come from Within

As a business owner, it is not only hackers that you need to look out for. Any employee you hire can potentially steal confidential records and files. Having access controls in place will ensure that only authorized individuals can view certain materials. Controlling data until new employees pass the probation period or even later will help keep your business safe.

When you are initially making the hire, you can single out shady candidates by use of an online background check. If a criminal record comes up in their history that they do not have a reasonable explanation for, this may be reason enough for you to decide against them. It also makes the hiring process easier if you have fewer candidates to choose between.

5.    You Must Maintain Customer Loyalty

It can be difficult to develop a loyal customer base when you are first starting your business. There are so many competitors in each field that gaining an edge over them might take some time. If your business were to fall victim to a cyberattack, your customers’ data is at risk of a breach.

Once their loyalty wavers, your customers are unlikely to come back to you in the future. They will become distrustful and turn to a competitor who invested in cyber security to protect their privacy.

6.    Avoiding DDoS Attacks

When your website or server gets attacked by a denial-of-service (DDoS), you will be nearly helpless to stop it. Your network will be unable to accept new traffic because bots targeting the IP address will overwhelm it.

When customers try to access a website and get denied, they are unlikely to try again later. The more common situation is that they will navigate to an alternative website that can provide them with the same goods or services. For each minute that your website is down, you will lose revenue, whether it be $1 or $10,000.

7.    Protect Cloud Documents

Many small business owners and employees choose to work from home rather than in a traditional office space. This is because they do not have a lot of physical equipment and would rather save money on rent costs. Due to this, there is now a great deal of information stored and worked on in the Cloud.

Cloud computing can be beneficial in many ways, but it also opens additional opportunities for hackers to access your files. To increase the security of your files, you should use a provider that offers additional encryption services. You should also require two-factor authentication before anyone can access the files online. Ideally, you will receive a text to your cell phone with a unique code so that you can confirm an individual’s identity before they log in.

8.    Increased Use of Apps

Many apps cater towards small businesses and start-up companies, which people benefit from using. These could include apps that help with budgeting, invoicing, and inventory management, among other business activities. When using such an app, there is a chance that someone can hack it, or that it can upload malware onto your device. This is especially the case if you are using apps from a third-party store that have not gone through sufficient vetting.

Without having the proper security features installed and updated, your device may fall prey to hackers through these apps. If you wish to search for helpful apps to use in your business, only use Google Play or the Apple App Store to ensure that the download is safe to use.

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