Cyberattacks are becoming more and more prevalent, especially over the last few years. Whether the news is about stolen emails or huge data breaches, it has been virtually impossible to ignore them.
While the major stories about compromised corporations and hacked email accounts make the news, cybersecurity is something that concerns everyone who uses a computer. Even small business owners can become victims of cybercrime.
In fact, small business owners in particular, need to be concerned with cybersecurity so they can protect their intellectual property. No matter whether your intellectual property is research or recipes, it is one of the greatest assets you will have. Intellectual property is a prime target for hackers, whether they are stealing information for a competitor or running a ransomware scheme where a hacker demands something in return for stolen information.
Protecting your intellectual property and keeping sensitive information such as client and customer data safe isn’t cheap. A big problem is that many companies may not have the available capital to afford a cybersecurity system. Although this puts business owners in a tough spot, you can’t put a price on peace of mind nor can you afford the losses associated with becoming a victim of cybercrime.
As with most things for small business owners, cybersecurity comes down to a cost analysis. A cybersecurity system can be a big expense. On the other hand entrepreneurs need to consider the cost of not having their systems protected from hackers. It’s hard enough for a large corporation to recover from a cyber attack, even with all the resources and infrastructure they have in place. According to the U.S. National Cyber Security Alliance, 60 percent of small businesses fold within six months of a cyber attack.
Ultimately, each business owner has to decide if and when a formal data security protection plan is necessary. A consultation with an expert may help you better weigh the pros and cons of taking on this type of business expense. Start with a list of cybersecurity consulting providers as a jumping off point for your research. After comparing the benefits of these companies’ plans, set up a few consultations to see if and how these providers can best help protect your business and what it costs to do so. You may find that it’s worth the investment.