We live in a technology-driven world that has good and bad associated with it. On the positive or “good” side, technology helps us advance as a society and provides many benefits. However, the bad comes with a lot of distractions and costs in our everyday lives, not to mention all the bad things “bad people” can do using technology. Today’s business owners need to understand why IT security is critical for a business. The reality is that many businesses are falling prey to cyber crimes each year. Research shows that over 72% of businesses fell prey to a ransomware attack in 2023. Ransomware cost is projected to reach some $200 billion annually by 2031.
That’s some scary stats for small businesses.
This means small businesses ought to learn how to be proactive with IT security and invest in sufficient support to keep their business safe. In this article, I’ll provide some insights into the cybercrime world and what you can do to help safeguard your business if you’re not already doing so.
Common Threats To Business Data
One of the most prevalent threats to business data comes from phishing attacks. This is where cybercriminals cleverly disguise malicious emails as legitimate communications. These emails prompt employees to click on harmful links or share sensitive information, thus allowing the bad guys to hack into that company’s network and steal data. Cybercriminals have decided to take this to a higher level by using artificial intelligence (AI) to craft better and more convincing messages. This makes it increasingly difficult to distinguish from genuine emails.
This evolution in tactics means even the most vigilant employees can fall victim to these scams. So you can’t be too careful these days with spam messages.
Another significant risk lies in ransomware attacks. Ransomware has been around for many years and is still effective in taking down businesses. In case you’re not aware of what I’m talking about, ransomware is malware that locks or encrypts infected files and folders, making it impossible to use your computer. The cybercriminals that created that ransomware ask that you pay them thousands of dollars in cryptocurrency (usually in Bitcoin) in exchange for unlocking those files.
The recovery from this is not pretty. If a company does not have the proper backups in place, trying to recover from a ransomware attack can potentially put them out of business, whether they choose to pay the ransom or not.
Other threats to your data do exist that are created by cybercriminals, but the two mentioned here, create the most damage.
Consequences of Weak IT Security
This leaves you vulnerable to all types of cyber attacks lurking on the internet. Your business becomes a standing target for cybercriminals to do what they will at any time without you seeing it coming.
Where it hurts is in the recovery process after the damage of an attack has been done. As you saw in the stats I provided earlier, businesses are forking over tons of money recovering from ransomware. Many businesses are not able to withstand that kind of financial hit to their bottom line and often are not able to recover as a result of a cyber-attack.Â
One often overlooked impact is the erosion of customer trust. When a company suffers from a cyberattack, its reputation takes a hit, particularly if it’s a well-known company. Customers may hesitate to share personal information or engage with that brand again for fear they get hit again. Even a single lapse in security can lead to long-lasting damage as word spreads through social media, review platforms, and other forms of media.
Finally, beyond the immediate expenses, and loss of trust among customers, organizations can also encounter decreased productivity. Employees may have issues getting back into the “swing of things” after a major incident like that occurs.
Why Shortcuts to IT Security Are Dangerous
Many companies attempt to do the bare minimum to meet compliance requirements for their industry or to “secure” themselves from a possible data breach. As a result, they take the easiest and cheapest routes to protect their businesses. I hate to break it to you, but getting just a basic anti-virus software today doesn’t cut it anymore. Cybercriminals can run circles around basic antivirus software.
It would be best to have something more robust and involved as a small business.
Unfortunately, many small business owners think they’re too small and insignificant to be targeted. This type of thinking is precisely why cybercriminals target small businesses. They know that most small businesses will not invest in or properly apply adequate cyber protection for their network.
Which makes them an easy target.
Another common issue for small businesses is that they’ll entrust their IT services to an acquaintance, friend, or family. While this may seem convenient at first and it might save you a few dollars, it’s putting your company at risk. Once that company decides to hire an IT professional, what is discovered is that their computers were not being maintained and protected as they’d originally thought. Their friend was doing them a disservice more than anything else.
It’s no fault to them, they didn’t have in place the needed resources, knowledge, and skills to provide the services needed by their friend or family’s business. Let me level with you here, not because Alex from your church group said he “knows” how to fix computers, doesn’t mean he has the necessary resources to do so in full.
Getting IT Services and Security
It’s a good decision to invest in adequate outsourced IT services, it’ll do your business much good. With that said, don’t take it lightly. Do the proper research to find a quality and qualified IT professional to take care of your business needs.
It’s ok to start with basic anti-virus software if you’re just an individual or a one-man-operated business. However, if you have an office with a team, I’d recommend you partner with a qualified IT professional who can provide you with more ongoing monthly services and security.
If you need quality IT services for your business and have questions about the services you need, contact us here, or call our office at 571-498-8208.Â