Is Tech Protection Really Worth it?

Running a business is great, but it comes at a price. Struggles are common in business and industry, especially for SMB (small and medium businesses). While some companies have tough times finding a marketing strategy, others might find it difficult to target their audience. According to a 2018 Frequently Asked Questions from the SBA (Small Business Administration) Office of Advocacy, 80 percent of small businesses have a lifespan of only five years. Apart from this, decent security is what many businesses seem to lack, but is tech protection really a good investment when there are so many other costs to consider?

What Does Tech Protection Actually Protect Against?

There are many different ways that cyber attackers get a hold of their prey.

These can include:

• Phishing – According to a 2019 report by Verizon, 94 percent of malware is sent through email, which makes phishing one of the most common cyberattacks. Hackers often send emails through seemingly genuine sources to extract sensitive information or trick people into downloading files or attachments that contain malware.

• Password attacking – It isn’t uncommon to hear of people who are unable to log into their accounts. Hackers often do this for fun or to compel a person to do something for them in return for their sensitive information. This is an attack that requires gaining access to a network for unencrypted passwords. Or the hacker might just try to guess a logical password using a person’s basic information.

• Malware – Malicious software is often found in applications that are downloaded to a person’s computer or PC. These enter one’s computer through unsafe links and unauthorized applications that steal a person’s resources while running in the background. They include Viruses, Trojans, Worms, and Ransomware.

A 2018 report of Ponemon Institute shows that 60 percent of small businesses blame oblivious or negligent employees for data breaches.

Since there are fewer funds and less time to educate employees on the dangers of cyberattacks properly, these attacks are usually the faults of negligent employees and are common attacks faced by small businesses.

How Much Protection Do I Need?

It is proven that 54 percent of SMBs say their businesses are too small to be a target of cybercriminals. The truth is that no company is too small in the eyes of a criminal who has money or revenge to gain. Protection is absolutely essential, and there is are basic criteria for security that small businesses should meet. These include:

• Educating employees to stay aware of malicious content from the internet and frequently change their passwords

• Using anti-malware or individual security software to protect your vital data

• Securing your internet connection through firewall security or software

• Creating backups of your data and restoration points in the case of a cyber threat

A cybercrime study by Accenture shows that 68 percent of business leaders feel that the risks of cyberattacks are increasing, and they are right. Common cyberattacks might be easier to deal with, but there are advanced attacks that will leave your business no other option but to shut down once they get ahold of your data. Denial-of-service (DoS), such as teardrop attacks, smurf attacks, and TCP SYN flood, attacks against a system’s limited resources and puts their network offline. Competitors can do this to gain data and put you out of business.

The quickest fix is to secure a network’s endpoints or, rather, the endpoints on every user’s device within the organization. To do this, you’ll need an intelligent cybersecurity software program that will scan your devices automatically and address any issues that may arise. Click here to learn more about what’s available for endpoint security products and the specifics of what endpoint security means.

What Peace of Mind is Really Worth?

The average damage done by malware to a company is $2.6 million, according to a study by Accenture. Small businesses can’t afford to take this kind of damage because they are still on the rise to success. Apart from losing one can’t afford to lose, data breaches ruin a business’s credibility since it violates client’s trust and loyalty with a loss of their investments. The risk of this loss is not worth taking, and the cost of having cybersecurity more than compensates for the continued existence of your business.

The Best Prevention is Proper Defense

Although it might be more affordable to follow basic security principles, no matter how careful a person is, hackers are continuing to sharpen their skills as technology advances. Despite having loyal employees and trusted software that does more than just remove possible threats, once a cyberattack hits, the only way to stop it is to secure a network’s endpoints. Cleaning out junk emails and unknown applications will hardly help at that time and, as people say, there’s no better defense than prevention.