Small and medium businesses experience frequent cyber-attacks. The Congressional Small Business Committee in the USA states that over seven out of ten cyber-attacks are targeted at companies with less than a hundred employees.

In this blog, we’ll discuss why cybersecurity is important for a business.

Potential Consequences of Cybercrime

There is a myriad of disadvantages of cybersecurity threats. Some of the most damaging impacts of cybercrimes are discussed below in brief.

• Reputational Damage and Identity Theft

One of the most damaging effects and immediate consequences of cybercrime is the significant loss of revenue and a devaluation of brand equity built over time. A diluted brand reputation might also directly affect the overall potential to attract and retain the best investors, talents, and suppliers.

• Financial Losses and Monetary Penalties

The impact of financial losses caused by cyber-attacks tends to be significantly more severe for small and mid-sized organizations when compared to large corporations.

Companies that fail to abide by data protection regulations are routinely subjected to financial penalties. Sizable fines evaluated for information breaches since 2019 indicate that regulators are becoming increasingly stringent in their actions towards corporations that do not safeguard consumer data in a proper manner.

• Below the Surface (Less Visible or Hidden) Costs

Along with the financial costs of cyber-attacks, there are numerous intangible costs that are likely to threaten the very sustainability of a corporation long after the initial onset of the cybercrime event itself, such as the following.

• Increased insurance premium
• Operational destruction or disruption
• Cost inflation for debt raise
• Cost of customer relationships lost
• Trade name devaluation
• Cost of lost contract revenue lost
• Intellectual property loss

Top Five Advantages of Cybersecurity for the SMB Clientele

Investing in cybersecurity is no more an option. Here’s a curated list of some of the most critical advantages of safeguarding your organization from online threats.

• Protects Your Business

Cybersecurity ensures an entire gamut of robust digital protection against the most malicious cyber-attacks. Some of the popular managed security services are cloud security, endpoint protection, and network security.

• Secures Personal Data

Top cybersecurity solutions arm your business with a host of enterprise-grade encryption technology for securing customer information so that it cannot be corrupted or stolen by attackers.

• Ensures Productivity

Having the latest generation of intrusion/threat detection and response system in place ensures that business processes remain unaffected in the event of a cyber-attack. Even if business data is corrupted, it’ll help minimize customer downtime, thereby ensuring seamless business operations.

• Offers A Comprehensive Solution

It’s highly recommended for organizational cybersecurity to comprise a wide and diverse array of cutting-edge software and hardware for averting all possible kinds of online threats, including identity theft, malware attacks, and phishing attempts.

Ideally, businesses require a software- and hardware-based firewalls (for blocking spyware, adware, and anything suspicious in the network), anti-spam, anti-virus, web content filtration, and wireless security.

• Instils Confidence Among Stakeholders

Having a proper organizational strategy for incident response and disaster recovery, along with hiring an independent team of experienced cybersecurity consultants for outsourcing online security requirements, will boost trust among customers, office workers, and stakeholders.

Let Zenmid Manage Your Cybersecurity Woes

Managed security services are in the DNA of Zenmid! We’ve got a qualified team of online security experts with a wide and diverse experience in network security, endpoint security, and cloud security.