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Why SMBs Should Invest In Cyber Security

Why SMBs Should Invest in Cyber Security

Why SMBs Should Invest in Cyber Security

In the recent wake of T-Mobile’s massive data breach and Apple’s latest cyber security flaw, it’s time organizations step up their security to protect their companies and customers information. Incidents such as these are happening more frequently and with no end in sight. In 2021, small businesses now account for over 50% of all breaches as two in five SMBs reportedly have fallen victim to a ransomware attack. In case you’re still on the fence about whether your small business needs to invest in cyber security, here are the top three reasons SMBs should be safeguarding their organization.

TOP 3 BENEFITS TO INVESTING IN CYBER SECURITY

PROFIT.

The average financial impact of a data breach costs SMBs roughly $98,000. These costs include additional internal staff wages, lost business, employing external professionals, improving software and infrastructure, and employee training. Don’t forget to factor in additional costs such as penalties and fines, extra PR, new staff, damage to credit rating and insurance premiums, penalties and fines, and compensation.

Companies that invest in cyber security tools and training save money in the long run. Imagine your organization was hacked, your data leaked, and then having to pay even more money in retributions. If you took the time to properly invest in the right cyber security solutions to protect your business, that money could have been used for other business ventures. Don’t let this happen. Invest now so you don’t have to worry and invest even more later.

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PRODUCTIVITY.

The moment your data or network is compromised, employee productivity comes to a halt. IT system-related downtime can cost a company an average of $8,851 an hour. Year-over-year those downtime costs increase by 75 percent. Luckily, having Business Continuity and Disaster Recovery solutions in place is a huge benefit. Three out of four MSPs said that clients with these solutions recovered from an attack within 24 hours (Datto).

A professionally managed data protection and backup environment regularly tests your backups, making sure you have what you need, and proactively reviews your data growth to increase productivity and prevent downtime.

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CUSTOMER AND BUSINESS RETENTION.

Downtime not only hurts employee productivity, but also adversely impacts a company’s reputation. If your data is breached, will your customers trust you again? 58% of U.S. respondents said they’d consider divesting from companies that disregard protecting their data. This may seem obvious, but customers and business partners are more likely to be loyal to an organization when they trust their business data and information is safe. Security should be looked at as a brand investment instead of a cost of doing business. The more secure, compliant, and transparent a company is about protecting their data, the more customers will want to do business with them.

INVEST FOR SUCCESS

Many larger organizations can afford to properly invest in cyber security monitoring, but small and medium sized companies often struggle to afford the extra expense, leaving themselves vulnerable. The solution for smaller companies is to find a partner that is accessible and affordable. Your trusted CMIT advisor is here to help. We offer a variety of affordable cyber security solutions to protect your data and business continuity. Our Cybersecurity Risk Assessment services help you quantify your exposure and understand the actions you can take to gain a strategic upper hand against security threats. Instead of looking at cyber security as a reactive expense when an issue occurs, we help your company proactively mitigate future risks so you can focus on what matters most – your business.

Written by: Chris Zambuto | Chief Information Security Officer @CMITBostonCambridge

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