While some people might only think data protection applies to large organizations, it’s essential for small businesses, as well. Small businesses are often targeted by security threats to steal sensitive data, making data protection a must-have for any sized organization. Here are some reasons why data security is important for a small business.
Reliance on Online Platforms
With the increasing reliance on the cloud and online transactions, many organizations are handling more and more data. Hackers will try to target this data for their own gain. The number of security threats has been continuously rising with technological advancements. According to Advisorsmith, 42% of small businesses experienced a cyberattack in the last year.
Can Cost A Lot of Money
If a bad person gets their hands on small businesses’ information, they can do a significant amount of damage to an organization. According to Purplesec, the average cost of a malware attack on a company is $2.4 million. This number is damaging to all businesses, but even more so to small businesses. Not many businesses will have the capital to fight off security threats. Additionally, when a company doesn’t protect its sensitive information and allows data breaches to occur, its reputation can take a hit. As a result, an organization can see a drop in revenue from dissatisfied customers.
Loss of Data
When a data breach results in the theft of sensitive personal data, the organization and any customers affected could face severe consequences. A business never wants to lose its important data. It can be confidential or hard to replicate and set them back significantly. This will mess up the entire business’s operations. Due to sensitive data’s value, hackers often target information like IP addresses, contact information, and financial information.
The scope of cybersecurity threats to small companies is no less varied than the threats large multinational corporations face, but small businesses might not have the resources to protect themselves. Data protection against threat security for your small business is vital. Without it, you may be a target of continuous breaches and hacking. To get started with a strong tech support solution for your small business, contact us today.