Hackers no longer simply take your data. They use ransomware by locking up your network and freeing your data only until a specific amount of money is paid. Or they take your information — and that of your clients — and sell it on the dark web, where people are pouncing on the chance to purchase financial and personal information.
However, just implementing cybersecurity isn’t enough to prevent you, your business or your clients from becoming a victim. You need to perform routine checkups to make sure your security can handle whatever tricks hackers and cybercriminals have hidden up their sleeve.
Strong, current security can do more than just prevent a breach — there are boundless cybersecurity benefits, beginning with protecting your bottom line. Iron-clad cybersecurity will help save you money in the long run, allowing you to put more resources back into growing your business and serving your customers.
Here are three reasons why checking up on your security is a great way to protect your company’s wallet:
1. Prevents downtime — A data breach or cyberattack can bring your business to a screeching halt, especially if you don’t have a backup plan in place to quickly get you back up and running. This can be costly. Gartner reports that the average cost of IT downtime is $5,600 per minute. Of the companies that responded to Gartner’s poll, 98% said a single hour of downtime costs more than $100,000 — with 33% of those reporting that amount could reach anywhere between one to five million dollars. By keeping hackers and breaches at bay, the right cybersecurity keeps your business moving and keeps your cash in hand.
2. Maintains your client base — Your customers may be sheepish to work with you again once your business suffers a data breach, especially if you fall prey to a ransomware triple threat — when a hacker holds your data and your clients’ data hostage. And it can be extremely challenging to attract new clients once word spreads about your breach. According to a study conducted by security.org, one in every four Americans stops doing business with a company once it has been hacked. That’s 25% of your clients who will be taking their business — and their money — elsewhere. Of those who decide to stay with a business after a breach, two out of three surveyed said their trust has been eroded. Whether you’re losing clients, or your existing clients are no longer recommending you to friends and colleagues, a data breach will undoubtedly chip away at your customer base. Keeping your clients and preserving their trust in you is just another of many cybersecurity benefits.
3. Keeps your doors open — Of all the financial cybersecurity benefits, there is none more than this: Regularly checking up on your security and ensuring it’s up to standard can literally save your business. The National Cyber Security Alliance found that 60% of small companies go out of business within six months of a data breach, a statistic mostly attributed to costly downtime and the damage done to a company’s reputation.
Strong cybersecurity can help keep your business financially solvent — but only if the security is properly maintained and checked on regularly.
First Column in Washington DC provides scalable and budget-friendly security solutions that help you stay protected against the latest threats. We protect your business like it’s our business and will be happy to work with you in creating an effective checklist that ensures your security is up to date and up to standards.
Put your money and focus where they belong — toward the growth of your business.
Schedule a call with our technology experts today.