4 Reasons Why SMEs Should Invest in Cybersecurity

Most small businesses would like to think that they aren’t a target of cybercriminal activity.  However, in reality, SMEs are more at risk of cyber-attacks than they think. In fact, a study in 2020 found that around 57% of SMEs experienced data breaches during the pandemic. 

As the population of online users continues to grow and as more SMEs transition from brick and mortar platforms to more virtual spaces, the need for cybersecurity becomes more evident. 

In this article, we take a look at the top reasons why SMEs should start investing in cybersecurity. Keep reading for more details. 

Reasons SMEs Should Invest in Cybersecurity

1. Protects business, employee, and customer data. 

Businesses nowadays are driven by data and information. They rely on these data to make informed decisions across different sectors. This includes matters relating to marketing strategies, customer support, product development, and investments. 

Knowing how to properly collect, file, and store these data is essential to every successful business. Not only does it keep your interests away from prying eyes but it also protects your employees’ and customers’ interests as well.

Cybercriminals exploit the vulnerabilities they notice in any company’s IT environment. The right cybersecurity software can detect possible issues in your company’s IT infrastructure and create solutions that help remove weaknesses ASAP.

Protective software can also provide your company with regular security monitoring to maintain order in your systems at all times. This helps you stay on the good side of your customers and employees. Plus, it helps you stay compliant with the GDPR. 

2. Prevents data loss and data leaks.

Data loss can negatively impact businesses of all shapes and sizes. Whether a company is big or small, neither is immune to some cases of data loss. In fact, a study in 2021 revealed that at least one business falls victim to a cyberattack every 11 seconds. With that in mind, Data Loss Prevention (DLP) becomes an even more important element to every successful business. 

DLP is a type of cybersecurity software that controls company privilege among workers. In other words, it determines who gets access to what within a company data infrastructure. In case a certain employee doesn’t have the right authorization to access certain files, they’ll be blocked from viewing any sensitive information. 

Not only does DLP prevent data loss and leaks from happening, but it also ensures that you stay compliant with HIPAA, GDPR, and CCPA regulations. 

3. Gain customer trust and loyalty.

Nothing is more attractive to a customer than a company that can provide them with high-quality services all while protecting their personal data. You have to think beyond simply making money and focus on building a strong and trusting relationship with your customers. 

When a company is involved in a data breach, its customer trust ratings drop. This causes a company to lose not just a significant portion of revenue but also a large part of its market. 

SMEs can use cybersecurity programs as a positive selling point for their services. When you show your clients that you’re just as focused on protecting their private information as they are, they may feel more inclined to trust your company. As a result, they might also help you increase your bottom line by recommending you to prospective clients. 

4. Boost company productivity.

You lose access to your entire company infrastructure as soon as it gets infected with malicious software. This puts company production at a complete standstill, resulting in the following: 

• Reduced productivity

• Loss of daily sales

• Decreased customer satisfaction

• Possible data leaks and loss

While most viruses can be easily dealt with using the right tools, some exceptions have long-lasting effects on an IT system. The right cybersecurity program can prevent such damages from ever happening to your IT infrastructure. Additionally, it can help safeguard your company from losing critical data by keeping it in a secure location. 

When combined with machine learning and threat intelligence, companies can also permanently terminate harmful cyber-attacks. So, you never have to worry about hackers exploiting your company data again. 

The Bottom Line

As technology continues to advance forward, B2C transactions are becoming more and more convenient and common. Despite all benefits that businesses and customers can get from this type of arrangement, there are still a few dangers that we need to keep an eye out for. 

Cyber attacks are one of the biggest threats to SMEs today. This is because they are the most vulnerable when it comes to cybersecurity. 

To protect your company, employees, and customers, looking for a reliable cybersecurity partner is key. Superfast offers cybersecurity packages that are perfect for your business.