Five Reasons Every Business Needs To Take Cyber Security Seriously
A lot of business owners have the ‘it won’t happen to me’ attitude when it comes to cyber security. This is an extremely risky approach to take in the current day and age. In fact, you may as well be waiting for your company to be breached. With that being said, in this post, we will reveal the five key reasons why you need to take network security seriously.
- You are a target – There is only one place to begin, and this is with the fact that your business is a target. This is the first thing you need to realise. A lot of business owners tend to assume that hackers are only interested in large corporations with an abundance of personal and confidential data. However, all businesses have information that cyber criminals want, from customer payment information to employee records. They view small businesses as a quick and easy payday, as they know that the majority of them do not have enough security in place.
- You are breaching PCI compliance – PCI DSS is a set of requirements that is in place for any business that takes payments by card. Even if you outsource payment processing, you need to take PCI into account. There are 12 requirements that need to be followed, and failure to do so could see you face huge non-compliance fines from your bank. It is likely that your bank will terminate your contract. If they don’t, your interest rates will certainly go up significantly.
- You will take a huge financial hit – A lot of people underestimate the financial damage a data breach creates. Not only will you suffer non-compliance fines, but there are fraud losses and remediation expenses to compete with too. Such expenses can be difficult to come back from, which is why a lot of businesses end up shutting down after they have suffered a breach. According to an HM Government reported conducted by PWC, data breaches to small businesses can cost between £75,000 and £311,000. Is this something you could really afford?
- You will receive bad press – Do you really want your business to be all over the news for the wrong reasons? This will be extremely damaging for your reputation, and the data breach could be the main thing that is associated with your company for years and years to come.
- You will lose customers – Making this money back is going to be extremely difficult when you have lost a large chunk of your customers. They aren’t going to use your services when they cannot trust you to protect their private information. The damage your reputation will suffer is often the most difficult thing to come back from, and you will spend a lot of money trying to rebuild the trust.