While there are obvious risks associated with a lack of cyber defenses, there are also many hidden benefits of cybersecurity for small businesses.

Together, these provide compelling reasons for businesses of all sizes to invest in integrated and advanced cybersecurity solutions as a way of avoiding the devastation that often follows a hack, ransomware attack, phishing scam or data breach.

And while many large organizations invest heavily in their cyber defenses, small businesses often overlook the critical importance of cybersecurity to their business success and survival. 

No  matter how small your budget, it’s important to compare the devastating financial implications of a cyber breach, with the cost of ongoing IT security for your business. It’s generally much cheaper in the long run to invest into advanced cybersecurity solutions than to leave your business open to cyber risks.

Below we look at why cybersecurity is so critical for small businesses and at 6 ways in which it can benefit small organizations like yours. 

Why cybersecurity is essential for small businesses

Small businesses are increasingly at risk from cyber hackers, ransomware attacks and data breaches. And because so many small businesses don’t have integrated and advanced cyber security they are often specifically targeted by cybercriminals. 

That’s potentially why 43% of all cyberattacks target small to medium sized businesses. Mastercard’s research shows that attacks on small businesses increased by 424% in 2020 and cybercrime is expected to keep rising.

And because of how financially devastating these attacks can be, a large percentage (60%) of these companies go out of business within the 6 months following the breach or attack. 

6 hidden benefits of cybersecurity

There are many obvious benefits to having advanced cybersecurity defenses like being able to stop cyber attacks, remain resilient in the face of data losses, and being able to respond effectively to threats. 

But there are also a number of less obvious, or hidden benefits of cybersecurity. These may be factors that you haven’t considered and when combined with all the obvious ones - it becomes increasingly apparent why all small businesses should make cybersecurity one of the top priorities.

1. Less downtime

If your business doesn’t have many (or any) cybersecurity measures in place, then it’s almost like an invitation to cybercriminals to target your company. Cybercrime is rampant around the world, and can have far reaching and devastating impacts. 

One of the implications of cybercrime is downtime, which can also happen as the result of hardware failures, human error or insider attacks. 

A large number of organizations experience downtime each year. Downtime may last a few minutes, hours, days or even longer. And when your systems are down, your employees can’t work. That means your staff can’t be productive, your customers will experience delays in the products or services you provide, and your business may suffer reputational damage. 

Ultimately, downtime can cost your business large sums of money in lost revenue - especially if the downtime persists for long periods of time or is a recurring problem.

So small businesses that implement advanced cybersecurity solutions are able to minimize the amount of downtime they experience. That helps them to maintain productivity and efficiency, to provide a great customer experience and to build their brand’s reputation.

2. Improves productivity

When your small business is able to minimize cyber attacks and downtime, you’re more likely to retain your customers and boost productivity of your staff. That means that instead of wasting time and capacity on responding to threats and breaches, you can focus on your core business and growing sales and the impact that you want to achieve. 

Your staff will also be less stressed if they’re not always having to respond to cybersecurity breaches because you have the right cyber defenses in place. That can help to boost staff morale and can reduce the amount of stress that staff are under. And that in turn helps businesses to retain their staff.

3. Saves many types of costs

Businesses can save on a range of costs when they invest in advanced cybersecurity systems. Cyber breaches can be costly and if you don’t have the right defenses, there’s more chance of your security being at risk.

There are a range of costs that are associated with data breaches. That includes possible ransom payments, the cost of fines and legal penalties, and legal costs. 

There are also a range of more indirect costs that can affect your business continuity. That includes loss of productivity, reduced customer satisfaction, loss of brand reputation, loss of clients or customers, decreased sales, increased insurance premiums, and loss of capacity because of needing to respond to multiple lawsuits. 

It’s usually far less expensive to invest in proper cybersecurity than it is to risk the myriad of negative consequences related to a cyber breach - many of which can lead to the end of your small business.

4. Enhances reputation

Having the latest cybersecurity in place can also help you to enhance your businesses’ reputation. Consumers are increasingly aware of cyber risks and take their digital identities and personal information seriously. 

When consumers find organizations that are taking all the relevant measures to protect their data, this can help them to trust that organization. And if that trust is maintained, your business can reap the benefits of a boosted reputation. 

Having enhanced cyber defenses may also help your business create a unique selling point which puts you above your competitors in your customers’ eyes.

5. Improves customer service

If your business experiences a cyber attack or breach, then there’s usually some kind of business interruption. That disruption to normal business then also results in slowed communication, responses and services to customers. 

That can be very frustrating for customers - especially if the business is locked out of their entire system for some time and can’t communicate with customers to explain what’s happening and why there are delays. 

By implementing cybersecurity measures, your business can optimize the customer experience, minimize downtime and interruptions and improve overall customer service. This can have positive impacts on sales and brand reputation.

6. Ensures compliance

Businesses are subject to many different laws regarding how they handle data and digital privacy. To maintain compliance, businesses are often expected to have certain cybersecurity mechanisms in place. Failure to do so may result in non-compliance and serious penalties and fines. 

It’s typically far more cost effective to invest in cybersecurity services than it is to risk legal non-compliance.

How to start implementing cybersecurity for your business

If your business wants to succeed in the digital age, you’ll need the most secure, comprehensive and integrated cyber defenses.

Cybersecurity helps to avoid beaches, minimize downtime, safeguard your businesses’ reputation, and helps to create a unique advantage compared with competitors. 

There are many ways to boost your cybersecurity. That includes conducting regular cybersecurity awareness training for staff, using multi-factor authentication, adopting  zero-trust policy, implementing a robust data backup and restoration strategy, testing your cyber defenses on a regular basis and monitoring your IT systems 24/7. 

If you need help implementing a custom cybersecurity solution for your small business, then NB Technology can help. Our team of cybersecurity experts can provide the latest cybersecurity solutions that can be customized to your requirements and budget. 

Contact us at (704) 644-1220 for a no obligation consultation to discuss your cybersecurity needs and any inquiries you may have.