Since the pandemic started, the world has largely moved online. Many businesses are asking their non-essential employees to work from home when they can, and more of us are doing our shopping and exercising online.
Small businesses have had to become flexible and adapt to the needs of their customers and the needs of the collective moment to stay afloat. This widespread move online requires businesses to have a robust data security system in place to meet their customers’ needs and to keep their data protected against unauthorised access.
Whether you are a business of one or one thousand, you should have a data security solution in place from day one to protect your business from cyber attacks. In fact, according to Leta Mcknight, small businesses are more vulnerable to cyber attacks than larger businesses (read on to find out why!)
Here are six things to consider when deciding whether to implement a data security system for your business:
Anyone can be the target of a cyber attack
Many small businesses think that because they are not large, they are less likely to be the target of a cyber attack. But while larger businesses have more to lose from a cyber attack and do not want their image hurt due to a data breach, small businesses often do not have the resources to fight off an attack or are more willing to pay to get their data back.
Any company, no matter the size, will often store large amounts of data on their products and services, their customers, and their employees. That data can help a business make smart decisions for the future and is valuable. Hackers will target businesses of any size to steal that data!
Your company’s data is important
Your company stores information about the services or products it offers, as well as financial and business plans, and information about your customers.
This data is used to plan for revenue optimisation, risk mitigation, and overall improvement of your business operations. This data is key for planning for the future and the life of your company. Any data that is secure is an investment in your company’s future.
Data integration allows a company to collect all the data on products, customers, and employees from various locations into one location where it can more easily be managed and analysed. Data integration can also help provide greater security for that data, especially for financial institutions.
Data integration allows you to easily backup the data, which means you still have access to another copy in case of a ransomware attack without too much loss.
Data integrity
Data integration also helps ensure that your data is accurate and reliable, therefore improving your data integrity.
Having all your data stored in a single location means that all your information on a customer, product, or employee is together and complete. This also means that any contradictions or inaccuracies can be easily fixed.
Customer relationship management (CRM) software stores all your online sales and marketing information, which makes it harder for hackers to gain access.
Data breaches cost money
Data breaches cost money due to the time and manpower needed to resolve the security breach and any potential loss in revenue or sales.
While it is impossible to calculate avoided losses, having a robust data security system, can help you avoid customer losses, and the loss of customer and product data. There are also potential fines for not meeting security requirements depending on your industry.
2021 Australian Cyber Security Statistics (Source: ECU)
Hacking can be automated
There are many things that can be done on an individual level to ward off cyber attacks, for example, not clicking on links or downloading attachments in emails unless you are sure you know the sender, and checking the URLs of links or emails before clicking on them. However, humans are prone to error.
Hackers often automate their attacks on a company, sending thousands of trojan horses, phishing scams, and other attacks (also known as bots) at a company over a long time. All it takes is one employee opening the wrong email attachment for your company’s data to be compromised.
Data security can also be automated to lessen the risk of human error leading to a huge breach in security.
Protect your company’s reputation
The cost of data breaches isn’t just monetary. Data breaches affect the reputation of your company too and can damage your business’ good standing. Other companies don’t want to do business or get involved with a sloppy company.
It seems like not a month goes by without news of a data breach at some major company. Sometimes we don’t know about those breaches until months after they happen. Why? Consumers also don’t want to give their business to a company that is at risk of security breaches.
Customers give you their private, identifiable information when they purchase products from you. Even if a purchase is carried out at a brick-and-mortar store, customers’ credit card data is stored online. Customers want to know that their private information is secure when it goes to you. Don’t let your company’s reputation be ruined with a data-breach.
Conclusion
Adding a data security system or adding layers onto your existing system can help protect your company and your data from being stolen by hackers. Any business, no matter the size, can be the target of a cyber attack.
Small businesses, without the financial resources to combat a successful attack, are especially vulnerable. Make sure you have a reliable and robust data security system in place.
About the Author
Aaron Carpenter is an expert at conveying technical information so that it is easy to understand and easy to find. Aaron loves interacting with new technology, figuring out how it works, and helping other people to do the same.
