Cybersecurity is essential for business growth and survival. Making cybersecurity a business priority is now seen as a critical aspect of managing any business and to ensure business continuity.

The ability of the business sector to continue operating is severely threatened by cyber risks - which is why cybersecurity is seen as a solution to minimize business risks. 

The World Economic Forum’s Global Risks Report of 2021 identifies cybersecurity failure as a significant business risk - resulting in economic disruption, financial loss, etc.

As many businesses are prioritizing digital transformation to help provide a competitive edge, many also realize the essential nature of cyber defenses for business success. After all, if your business is not protected, you may experience frequent or large-scale disruptions which may affect your ability to operate, causing loss of productivity and financial losses. Some cyber attacks are so devastating that businesses cannot survive the extreme loss of data, ransom amounts owed, or legal fees associated with non-compliance.

Luckily, for small businesses that may not have an IT department or a dedicated cybersecurity expert, hiring an MSP to handle your cybersecurity can work out as an affordable and necessary investment in protecting and boosting your business. 

Below we look at how businesses can (and have been) affected by cybersecurity threats like hacks and phishing scams, and at how enhanced cybersecurity can help your business to actually grow and thrive.

How business operations can be affected by cybersecurity risks

There are countless examples of how business operations have been affected by cybersecurity attacks and breaches. Some of the most well-known high-profile cases include the Anthem Inc. phishing attack in 2015, the TK Maxx LAN security hack in 2005, and the Epsilon hack in 2011. 

Anthem Inc. was targeted by hackers in 2015, as this health insurance company in the USA stored millions of personal records. Personal data of 80 million people was leaked when hackers targeted their cloud storage records. It’s believed the source of the hack was from a phishing email sent to several employees. The company suffered over $100 million in costs.

UK retailer TK Maxx was also the subject of a security hack in 2005 and 2006 when their wireless local area network (LAN) was targeted because it used a weak form of security. Hackers stole millions of credit card details, and the company paid over $118 million in damages and costs. 

In 2011, Epsilon was attacked by hackers who stole thousands of their marketing clients’ details and information. They had to pay compliance fees and costs to clients which cumulatively resulted in over $4 billion - one of the most expensive hacks in history.

How cybersecurity can protect business growth

If companies are constantly disrupted by loss of data, ransomware attacks, and other cybersecurity threats - then business as usual won’t continue. 

Your staff may not be able to access their data or laptops, your customers may not be able to receive their products or services, and all business operations may have to cease. 

These business risks and impacts can be avoided or minimized by implementing cybersecurity solutions. 

Below are 6 ways that cybersecurity can protect business growth:

1. Cybersecurity protects against downtime and business disruptions

According to Statistica, the average duration of downtime after a ransomware attack was 22 days in 2021. Downtime creates a lack of productivity as employees are often not able to work at all. That affects customer service, business deliverables, and staff morale. 

Many business models rely heavily on the amount of uptime they have, and disruptions can be costly. Recent reports estimate the average cost of downtime to be $9000 per minute - another factor to consider when deciding on your cybersecurity strategy.

2. Cybersecurity can boost productivity

In business, productivity can result in better business performance and overall profit. So by making sure that your IT systems are robust and secure, you can help to maintain and boost levels of productivity without interruptions. 

If you’re considering skimping on cybersecurity services - then it’s important to consider the effects of IT disruptions on productivity and the cost of lost productivity on your business profits.

3. Cybersecurity can lower your business insurance costs

Many companies are turning to cyber insurance as a safeguard against the exorbitant costs associated with data breaches, and cyberattacks. Cyber insurance can be significant, especially for some industries that store a lot of sensitive and personally identifiable data.

To help keep your insurance costs low, you can invest in advanced cybersecurity solutions, and minimize your businesses’ cyber risks.

4. Cybersecurity helps to protect your intellectual property and trade secrets

Business success and growth may depend on your ability to safeguard trade secrets, intellectual property rights or other sensitive data. This helps you maintain a competitive edge and innovate. 

But, if that data were to be breached, leaked, or destroyed through a cyber attack - imagine the damage that would be done. This is yet another reason to take steps to improve your cyber defenses.

5. Cybersecurity fosters a better relationship with customers and clients

Customers are increasingly aware of how companies use and store their data, and many people will only buy from companies that take adequate steps to protect client data. 

That means that to be successful in business, companies need to establish advanced cybersecurity and communicate their security standards to customers. That helps to establish a sense of trust and loyalty.

6. Cybersecurity can help you avoid large-scale financial costs

Having the correct defenses in place to protect your data and minimize the risk of a cyber attack, can help ensure that you’re compliant with legislation and regulations. Showing how you have maintained compliance can go a long way in preventing extensive legal battles and fines related to the breach of confidential information.

Ready to get serious about business growth?

Being proactive about cyber risks helps companies to avoid data loss and breaches, rather than just responding to them when they happen. That can help your business not just to survive - but also to grow and continue to succeed in future. 

Part of taking a proactive stance towards risk management is implementing all necessary cybersecurity defenses in line with a comprehensive business-wide cybersecurity policy. 

If your organization needs assistance in establishing a cybersecurity policy, assessing your vulnerabilities, and implementing solutions to minimize your cyber risks - then NB Technology should be your partner of choice. Our highly specialized and experienced cybersecurity experts are here to help create a customized business solution for you. 

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