Entrepreneurs are always on the lookout for new opportunities. But it’s important to be aware of the risks that come along with starting your own business.
One such risk is cybersecurity. Cybercriminals are constantly searching for ways to steal your business’s data and money, and it’s up to you to protect yourself and your company.
Small Businesses are a Target of Cybercrime
In the past, cybercrime attacks were mostly limited to large companies, government agencies, and financial institutions. But today, small businesses are increasingly becoming targets for cybercriminals.
Cyberattacks are increasing in frequency and sophistication, and small businesses have few resources to fight back. They’re an easy target because they may not be prepared for an attack, they might not have the IT Support to help them or if they are prepared it’s likely that their security is not up to snuff.
Why Startups Need to Know this?
It’s a matter of survival. When you’re starting out, every dollar counts. If you lose money due to cybercrime — whether it’s from stolen credit card information or from having your website hacked — it could mean the difference between staying afloat or going under.
For these reasons, it’s more important than ever before for entrepreneurs who want to protect their business from potential damage due to cybercrime threats like malware and phishing scams by implementing some basic steps into their everyday routine.
Here are some reasons why new entrepreneurs should invest in cybersecurity.
Protect your data
It’s a popular saying that “data is the new oil.” In fact, former Google CEO Eric Schmidt said that data is more valuable than oil.
Data is an important asset for every business and new entrepreneurs should treat it as such.
Data can be used to grow your company in ways you never imagined. It’s important to create a plan for how you will store and protect your most valuable asset: data.
How to keep your data safe.
There are many things you can do to keep your data safe and the best thing to do is hire an IT support who can work on your cybersecurity. Below are just some steps that you can take to keep your data safe:
- Backup all of your data. If a hacker gets in, they won’t be able to access any of your files if they aren’t there anymore!
- Use encryption on all sensitive documents and folders. This will make sure that even if someone manages to get their hands on the files themselves, they won’t be able to read them without decrypting them first.
- Use anti-virus software and train employees on how to use it properly so that everyone knows what types of programs are harmful for their system’s health (and for their own!).
- Use firewalls in order to protect against intrusions from hackers who try entering through online avenues like email attachments or websites like Facebook or Google Docs (where large amounts of information could potentially leak out). Firewalls are especially useful when trying not only to prevent this type but also stop cyberattacks before they happen altogether—which means less time spent defending yourself against incursions into company resources versus stopping them in advance by implementing these preemptive measures beforehand instead!
Avoid legal trouble
As a new entrepreneur, you’re probably already aware of the importance of keeping your clients’ data safe. But did you know that it’s also your responsibility to keep their data safe?
If someone were to sue you for losing their information—and this is not outside of the realm of possibility — you could face huge fines and even lose your business if things get out of hand. And if that wasn’t enough reason to be proactive about protecting client data from cyber threats, remember: There are laws like GDPR in place now that require companies to protect customer information or face harsh consequences.
The average cost of a breach in 2016 was $4 million, according to the Identity Theft Resource Center (ITRC). That figure includes direct costs like replacing or repairing equipment and indirect costs like lost revenues from downtime and customer attrition.
Lower your costs
Having a good grasp of your company’s cybersecurity protections is one thing, but having a plan in place for what to do if things don’t go according to plan is another. It’s important that you know not just how much damage could be done if your business’s security were compromised, but also what the costs associated with such an occurrence would be.
This list includes:
- Ransomware removal costs
- Costs of downtime
- Costs of replacing data and information lost due to a cyberattack (think credit cards and personal information)
Damage control
Cyberattacks can also damage a company’s reputation by exposing sensitive information about its employees or customers. For example, if someone hacks into your email server and reveals emails sent by an employee who was complaining about her co-workers or customers, it could cause problems for both her career and for the company as a whole. The same thing applies if someone hacks into customer accounts and posts bad reviews about your company online. This kind of negative publicity can cause potential customers to stay away from your brand.
If you’re still in the planning stages of your business, it may be hard to imagine what happens if your site is hacked. The truth is that cyber security threats can cost you more than just time and money—they can negatively impact your business’s reputation, which could lead to losing customers or even shutting down your company.
If we were to tell you how much damage control costs and how much time it takes up, would that make you reconsider starting a business?
Fortunately, new entrepreneurs can take advantage of IT services to heighten up their cybersecurity.
IT support is essential for your business
Cybercrime can cost your company time, money, and reputation. That’s why it’s important to have a dedicated IT support who knows how to keep your business safe from cyberattacks.
IT services help businesses by allowing them to have the tools they need to run day-to-day operations. Cybersecurity is one of those tools, and it’s important for entrepreneurs to understand why cybersecurity is so vital to their businesses. Cybersecurity from IT services provides protection against threats like malware, viruses, hackers, and other malicious actors who want to steal data or disrupt your business’s operations. By taking advantage of cybersecurity from IT services, you can reduce the risk of being attacked by malicious actors and keep your data safe from theft or destruction.
Final words
While no entrepreneur should feel that they’re invincible, you can help make sure that you’re taking some basic precautions to protect yourself and your new venture. You don’t want to be the next headline in a news story about a successful hack! Look for cybersecurity services like antivirus software and firewalls, use strong passwords, and back up your data regularly. While these things won’t make you invulnerable by any means, they will help make sure that you can learn from any mistakes.
