In our previous blog, we listed two of the biggest reasons why start-ups and SMEs should make cybersecurity training and awareness a priority. A continuation of that list can be found below.
As your new business expands, your staff needs to grow as well
With the advancement of modern technology, employees are more aware than ever of how important it is to have privacy and security online. If your current or future employees see that you run a workplace where their personal data is in danger, they won’t want to work there. While this may seem like a secondary reason to look into cybersecurity awareness and training, it’s definitely something that needs to be a concern. This is particularly true for any SMEs or start-ups that are already struggling to hire or attract good staff in the first place.
If you seem unsafe to work with, customers and potential partners will hesitate
People outside the company or organisation will struggle to trust a business that does not have solid security practices. Safety is of utmost importance, and without being confident that you can give them that, they may take their business elsewhere. Potential partners will not want their assets to be placed in a dangerous position, especially if you have no anti-phishing measures in place. They will also be wary of anything that can negatively impact their business. Instead of coming across as an asset, you will be considered a liability.
The consequences of non-compliance are financially heavy
Regardless of where you are in the world, there are thoroughly rigid regulations for data breaches. No matter what the scale or size of your business is, it definitely applies to you. The cost of non-compliance when it comes to good cybersecurity practices is far more expensive than compliance that must happen when data breaches occur. Compliance generally only requires investments in cybersecurity solutions. In comparison, non-compliance includes costs that involve the data breach as well as operational and reputational costs.
Small- and medium-sized enterprises and start-ups have something in common with big companies or organisations. They all deal with people, technology, and processes that can be prime targets for cybercriminals. SMEs and start-ups are just as obligated to comply with regulations involving data security.
Your start-up can be ruined entirely by a single cyberattack
New businesses and start-ups alike are quite delicate. There are several things to consider and many risks to calculate to successfully grow and become an established entity. Social media brand protection should also be part of the cybersecurity efforts. All it takes is just one cyberattack and resulting data breach during the early phase for your reputation to suffer big time. To top that off, your already-limited finances will also end up majorly affected.
Small- and medium-sized enterprises, as well as start-ups, risk losing practically everything, especially data, to cyberattacks. With the advancement of technology, cybercrime is continuously on the rise. It’s crucial for companies and organisations to prioritise cybersecurity awareness and training. It will cost less in the long run to keep your cybersecurity updated and in compliance with global data security standards.
Need anti-phishing solutions for your company? Contact FraudWatch International today! We are a leading online brand protection company that has been protecting client brands around the world since 2003.