The cost of data security breaches in the UK has doubled, causing the government to urge businesses to take action. Nowadays, the average cost of the most serious online breaches is almost one and a half million pounds. When you consider the fact that 74 per cent of small businesses were breached in 2015, you see how this is an extremely severe problem. Despite this, an alarming number of small business owners are failing to take action. Below, we take a look at the numerous different reasons why this is the case. Why aren’t business owners taking the cyber security threat seriously?
They have a limited budget and do not view cyber security as a worthwhile investment
All business purchases need to be considered carefully. After all, we don’t all have endless pits of money at our disposal, although profit can be boosted with a good SEO consultant. A lot of business owners do not invest in cyber security because they feel that their limited budget does not accommodate this, and data security is not going to add to their revenue. However, the cost a data breach can be astronomical, putting the future of your company at risk. It is clearly an investment worth making to protect your business from future expenses, such as the cost of identifying and rectifying the security vulnerability, non-compliance fines, compensation expenses, and much, much more. Not only this, but your reputation will be in tatters, and it costs a lot to rebuild this.
They do not want to pay for a problem that they haven’t caused
A lot of business owners do not want to spend money attempting to rectify a problem that is not an issue that they have created. However, this attitude will get you in trouble. The Internet has brought about a world of possibilities for businesses, giving them access to an abundance of connections and information. But, it has brought about security concerns. Just think about your home. The threat of a burglary is not a problem you have created, but it is one you protect yourself from. You have locks fitted; you may also have a burglar alarm and other security precautions in place. So, why wouldn’t you take the same approach with safeguarding your business?
They believe that a cyber criminal is not going to be interested in their small business
Many small business owners think that their company is too small to be a target. However, this could not be further from the truth. Of course, a big business breach can be very lucrative, but they are also a lot more difficult too. The fact is that the vast majority of data breaches, approximately 80 per cent, are opportunist rather than being targeted. Therefore, by simply not having a method of cyber security in place, you are making yourself a target. Not only this, but hackers see small businesses as an easy target and thus an easy payday. They recognise that a lot of them do not have data security systems in place nor do they have the money to invest in security personnel, which is why they target smaller businesses.
They do not realise how serious the cyber security threat is
Unbelievably, a lot of business owners still do not realise how serious the cyber security threat is. Despite all of the media coverage, and the daily news stories about the different businesses that have suffered data breaches, there are many company owners that are in denial.
They do not know where to start with protecting their business
Some business owners recognise the importance of cyber security, yet they simply do not know where to start. This is understandable. After all, you are not expected to be a data security expert. This makes it challenging to know what is required and what type of solution you should be looking for. Moreover, you can’t just entrust this task to anyone. You need to look for a security firm with a huge amount of care and caution. You are going to trust them with your confidential business data, and, therefore, you need to make certain they are a professional company of the highest standard. All of this seems like a task that is simply too big for many. However, it does not need to be this way. Look for a company that provides tailor-made security solutions that are suited to the needs of your business. You should also spend time assessing their website and their level of experience, while also taking a look at the comments that have been left by past customers as well.
They think they are doing enough to protect their business
Last but not least, a lot of business owners mistakenly believe they are doing enough to protect their business. They purchase a simple out of the box solution, including anti-virus programs, and forget about it. However, data security is much more complicated than this. Not only do you need to have advanced cyber security solutions in place, but also you need to update them regularly, and you need to ensure your employees are well educated about data security as well. You should teach them about creating an effective password and updating them regularly. It is also wise to implement two-factor authentication and limit access to those that need it.
As you can see, there are numerous reasons why small business owners are not taking cyber security as seriously as they should be. Nevertheless, none of the reasons mentioned above justify overlooking this part of your business. Cyber security is imperative when it comes to protecting the future of your company. Many businesses have been forced to shut down because they have not been able to come back from the breach they were involved in. Would you be able to come back from thousands of pounds of damage, or possibly millions? Don’t take the risk. You don’t have to spend a fortune either, you simply need to get to grips with where your data is, after which you need to segregate all confidential information, and make sure that access is restricted.