5 Ways Small Business Benefits from a Network Security Plan
With the average data breach for large companies now costing companies around $3.6 billion in lost revenue, even a small business hit with a breach could be in big trouble.
Between the potential for lawsuits, lost revenue, and untold future consequences, small businesses need to make sure they're protecting their data. Knowing the small business benefits of a network security plan can protect your data and your customers' data. Here are five of the major benefits of a solid plan:
1) Maintain Your Reputation
The reputation of an business, especially a small to medium sized business (SMB) is one of its most valuable assets. While you may not have all the money and power in the world to compete with, there's nothing as valuable as the trust of your customer base. It takes years for a company to earn the trust of their community, but one wrong move can jeopardize your entire business.
Secure servers and cutting-edge security software can keep you safe from losing the trust of your base. News travels fast on social media and across the web. If a company gets hacked, the world knows about it immediately. That's why Uber hid its data hack for a year until it got out in late-2017. They knew that their profits could be undermined and new customers would have a tough time choosing them over other car services that hadn't been hacked. Once the word got out, people stopped signing up for the service or deleted their accounts and never reopened them. Don't let this kind of thing happen to you, your company, or your customers.
2) Protect Cutting Edge Products
If you're in the software or the tech industry, you probably build cool cutting edge products that rely on technology that's not out in the world yet. In order to build great products, you need to keep your tactics a secret until you're ready to deploy your products to the world. If you deploy them too soon, you risk losing your edge against the competition.
No matter what industry you're in, a hack could do serious damage to you. As the 2014 Sony hack proved, when your products leak out online, it can affect their sales and impact how well you do against your competitors. If your company relies on release dates for your promotional campaigns and deployments, you could lose out on millions in wasted revenue or promotion.
With a strong network security plan, you can ensure that your products stay cutting edge. All of the money you spend on creative ideas, research, and development will be well spent if you can protect your work from getting out sooner than you want it to.
3) Succeed Where Others Fail
It feels like every day another big hack is being announced. Companies are falling victim to ransomware, phishing, and DDoS attacks left and right. One of the biggest reasons that companies suffer these attacks so frequently is the failure of their IT staff or employees to update their software. The simplest way to stay ahead of other companies is to create a strong plan for updating all of your software on all of your machines. On the surface, software updates might seem like an annoying aspect of working with technology.
When you update, you could be dealing with new interfaces, dependencies that no longer work, or any number of unexpected changes. While this can slow productivity down, nothing will bring it to a grinding halt like a data breach. Instead of being like other companies that topple over because of things as simple as failing to update, teach your employees the importance of updating. While other companies will be more susceptible to being attacked, you can be the company in your field that others turn to when competitors are hacked. When Uber got hacked, people still needed rides to work and events. They found companies that hadn't put their data at risk and started investing in them.
4) Keep Employee Data Safe
If you keep a "bring your own device" workplace, your employees are bound to store some of their data on machines they bring to work. If you use an unsecured wireless network or one that's not well protected, your employees could be at risk while someone sitting in the parking lot hacks them.
Make sure your company's data is safe by putting together a network security plan that offers them 360 degrees of coverage. Your employees might have credit card information, personal emails, or photos of their family stored on their machines. The last thing they want is for someone to hack into their data. When your employees are worried about being hacked, they could be distracted while at your office. Put their minds at ease by having a rigorous network security plan.
5) Run Your Business Uninterrupted
When you get hacked, everything stops. If your site handles your e-commerce or you do any kind of digital sales, a hack could stop your profits dead in their tracks. You need to be making money, even in times of crisis. Having your site go down or allowing your e-commerce engine to go down can have disastrous consequences.
Don't let your business be interrupted by nefarious actors. Put together a security plan that protects your network and everyone on it. When you protect your network, you protect your servers and all the data on them. Anyone who has access to them will appreciate a strong layer of security.
There Are Dozens Small Business Benefits of a Secure Network
Out of all of the small business benefits of a strong security plan, none are as valuable as protecting your customers and their data. When you protect your customers, you show them you care about them. And when you care for your customers, they'll stay devoted to you for years to come.
Threats to your security change all the time, so check out our guide to the top 3 threats to look out for.