Small business 101: The need to spend more on cybersecurity

Businesses across nations have suffered cyberattacks in the last five years, and the consequences have been severe to say the least. Millions of emails and passwords have been exposed, while hackers have also managed to get big ransoms from companies in various ways. Waiting for a security breach, or something like data theft, to occur, for taking necessary cybersecurity measures, is definitely not the ideal approach. It’s not at all surprising that companies now have inflated cybersecurity budgets, and they are willing to pay for services that can help them find any sort of security vulnerability. 

Digital transformation is inevitable, and so is cybersecurity. In this post, we are discussing further on why small businesses must spend more on cybersecurity. 

1. Because of hybrid IT environments

IT environment & networks are hybrid, complex, and heterogenous in nature. Businesses are deploying cloud and on-premise solutions, for better advantages. For instance, the standard analog CCTV cameras have given way for advanced IP video surveillance systems. Many resources are being hosted on cloud, which means there are security concerns that didn’t exist anymore. For the very reason, the spending on cybersecurity should increase. 

2. Because the work process has changed

More companies are now allowing WFH to employees, for varied reasons. The ongoing 2020 pandemic, because of the Covid-19 virus, has been an eye-opener for businesses, which now have to deal with new concerns, as employees work from their homes and use unsecured networks, or their personal devices. As a part of cybersecurity measures, businesses will have to buy dedicated resources, devices, so that WFH is as safe as possible. 

3. Because proactive measures have costs

If you want to really beat the hackers at their game, you have to be proactive, which requires using the services of the security community. For instance, you could run a bug bounty program, or schedule more penetration testing and scans for networks. All of these steps, earlier not considered very important a decade back, add to your cybersecurity costs, and therefore, the budget must be flexed to the best possible extent. 

Final word

Businesses will also have to take advice of cybersecurity consultants from time to time, and even for that, it is critical to have a budget. If your small business doesn’t have a cybersecurity plan as yet, or is just thinking of compliance, you are already making a big mistake. Check online to find more on how to do proactive cybersecurity better. 

Clare Louise