Unfortunately, small and medium businesses are most likely to be targeted by cyber threats. This is because cyber criminals (rightly) believe that SMEs do not invest sufficiently in cyber security measures. If you want to minimise your risk of attack, it is vital that you not only implement robust security solutions, but that you truly understand the necessity of these actions.
So, why should your business invest in strong cyber security measures?
Your data is your business’ most valuable asset, due to its sensitivity and confidentiality. Unfortunately, cyber criminals are also aware of this fact. This makes your information a prime target for attack. Ransomware and double-extortion ransomware are particularly dangerous for your data, as these threats can cause your data to be encrypted, stolen or even published. Data breaches can be extremely costly for your business, both monetarily and reputationally. Investing in effective cyber security measures will protect you against data loss, saving you vast amounts of time and money.
In 2018, the Data Protection Act came into effect, which places regulations on the way your business uses data. Legally, you have a responsibility to ensure your data is used fairly, lawfully and transparently and ensure the data security of your clients and employees. If you breach GDPR then you are liable to pay expensive fines. Potentially more damaging, though, is the reputational damage that will occur following a GDPR violation. Your clients trust you with their data so if a breach or loss occurs then you could lose custom. On the other hand, demonstrating that you have invested in robust cyber security features is a great way to increase your credibility and attract clientele.
Any cyber threat has the potential to cripple your business. A cyber-attack or data breach could slow down your operations, reduce your service capabilities or put your business out of action all together. As you can imagine, this unplanned downtime is not only extremely inconvenient, but is expensive for your company. Investing in cyber security will help you to avoid these delays. Training your team in basic cyber security is a good place to start. Your employees are your first line of defence against cyber threats, and so they need to know what to look out for. Taking the government accredited Cyber Essentials certification is an ideal first step for small and medium businesses, as it equips you with protection against the most common cyber-attacks.
In the long run, investing in your cyber security in advance is going to be far less expensive than attempting to remediate the effects after you have suffered an attack. If you are unsure how to improve your cyber security, Apex have put together the ultimate cyber security handbook. We will teach you how to protect yourself against the most common cyber security threats, and explain the benefits of an outsourced, fully-managed cyber security stack.
Ready to start your cyber security journey? Download our eBook today.