The Importance of Cybersecurity Strategy in Small BusinessesNovember 10, 2020
Running your own business can provide an exciting opportunity to make a living while pursuing something you’re truly passionate about. Not only do you get to be your own boss, but you get to decide the overall direction and values of the place where you work. Of course, if starting a business were easy, almost everyone would do it.
The hard truth is that the odds are against you as a startup. According to the Bureau of Labor Statistics, 45% of businesses fail within five years. Only 25% last longer than 15 years. Does that mean you shouldn’t try? No. It simply means that you need to be take things seriously.
Planning goes a long way when it comes to effectively starting your business. In today’s modern world, it’s not enough to have a traditional business plan. As your business grows, you should also be planning out your digital infrastructure and cybersecurity strategy. This applies to all businesses, whether you have 200 employees or 20.
In fact, cybersecurity is becoming increasingly important for small businesses. Cyberattacks have increased by 400% under COVID-19. Many modern tactics like ransomware as a service specifically target smaller businesses due to their generally weaker defenses. The average cost of a ransomware payment is $178,254. This is a price most startups simply can’t afford, which is part of why almost 60% of small businesses are forced to close their doors within six months of a data breach.
Taking Cybersecurity Seriously as a Small Business
The sooner you start integrating security strategies into your business model, the better off you’ll be. The good news is, there are several basic actions small businesses can take that will immediately improve their defenses. Establishing password requirements and utilizing two-factor authentication is a great place to start. In 2019, roughly 80% of data breaches were caused by a password compromise.
Of course, these actions are only effective if employees follow them. This is why it’s very important that you also educate your employees on basic cybersecurity and the current threats that are out there. When they know the tactics that hackers and malware programs use, it’s much easier for them to spot potential threats.
This can also help them understand the importance of software and security updates. Whether workers are using company devices or personal devices, it’s critical that they’re properly maintained with the latest updates. The same is true for any other devices that might be connecting to your company’s systems, even if they’re appliances.
With all of the devices, software platforms, and digital tools modern businesses use, a truly holistic approach is needed for proper cybersecurity. Unfortunately, many small businesses don’t have the resources (or general need) to justify hiring internal IT staff. This is why a third-party IT company can be a critical asset for startups and small businesses.
At Expedient Technology Solutions, we offer a wide array of IT solutions that can be scaled and customized to meet your specific needs. This includes basic hosting, help-desk support, and system maintenance to disaster recovery planning and risk-based management. Our services are offered under monthly, flat-rate pricing so you can budget accordingly.
This is especially helpful for smaller businesses who operate under tight budgets.
For all of your IT, network, and cybersecurity needs, Expedient Technology Solutions is here for you. Though we can’t guarantee your success as a business, we can help you avoid costly setbacks like data breaches and downtime.