Do you have an online banking app? If so, you know that you need to use specific credentials that are associated with your account in order to access an online portal.
This transaction is protected by IT security that's in place to make sure that you and only you can see and make changes to the account. In this instance, IT security is there to ensure that your information isn’t comprised and obtained by hackers.
Now, this is just one example of IT security in play, but no matter how big or small your business may be, cyber attacks can happen to anyone.
In fact, 61 percent of cyber attacks target small businesses. This startling statistic came as a result of Verizon's 2017 data breach investigation report and shines a light on how important IT security is for your business.
If IT security is something that you've never thought about, it might be time to consider protecting your business against cyber attacks. Here are just three of the reasons why:
1. You put yourself and your clients at risk
Cyber attacks have become more sophisticated and have evolved from what was commonly just a corrupt link in an email chain. Not only can cyber attacks affect you and your business, they can also potentially wreak havoc on your clients’ information as well. In this day and age, consumers expect guaranteed security when dealing with a company. When that company can’t deliver on those promises and an incident is to occur, not only will you lose the trust of your consumers, you’ll likely lose a customer as well which negatively impacts your overall business.
To build off of the first point, fallout from a security breach can be devastating to a business. Not only will it cause you and your customers’ unwarranted headaches, it’ll also leave a stain on your reputation that you might not be able to get out. Cyber attacks have the power to taint your customers and vendors’ view of your business and as a result can negatively affect your reputation.
3. Financial repercussions
If you experience a security breach, your systems will more than likely be taken offline until the issue is eradicated. During that time frame, you probably won’t be able to do any business or process any orders. Not to mention, if the cyber attack is on par with the Target breach of 2013, you’ll also have to consider hiring a PR team to save face. All of these repercussions translate into money that could have been used to build your business, but instead is being spent on fixing what was broken by a cyber attack.
Security breaches happen on a daily basis and it’s no longer a matter of if your business will be affected, it’s a matter of when you’ll be affected.Is your business protected?