Don’t let your business become a victim to the onslaught of attacks.
In a world that is becoming increasingly reliant on technology, cybersecurity is an extremely important priority for entrepreneurs and small and medium-sized businesses. And it’s become even more essential in the wake of the pandemic. In June 2020, Verizon released its annual Verizon Business Data Breach Investigation Report (DBIR) and the findings of the report revealed that small and medium-sized businesses were at an especially high risk of data breaches and cyber attacks during the pandemic.
This is because more people than ever were working from home, making it difficult to implement uniform security practices and for employers to know exactly what workers were doing. In these uncertain times, it is vital that entrepreneurs as well as small and medium-sized business owners not only become aware of the value of cybersecurity but truly understand its pertinence to their everyday operations. Here are three key reasons why cybersecurity is so important.
Cyberattacks can cost you significant amounts of money
In November 2019, the Accenture “Cost of Cybercrime” study indicated that the average annual costs businesses were incurring was ballooning for various types of cybercrimes. For instance, a single malware attack in 2018 costed businesses more than $2.6 million. Additionally, ransomware costs increased the most between 2017–2018, rising by 21% from $533,000 to $646,000. There have also been predictions that cybercrime will cost the world $10.5 trillion annually by the year 2025.
Evidently, cybercrime is incredibly costly for companies. By not prioritizing cybersecurity or not recognizing its salience, you greatly increase your chances of damaging your business’ bottom line in the long run.
