Cyber security is an essential consideration for any business of any size. But for SME’s finding the budget can be difficult, and as a result, cyber security is often overlooked. Unfortunately, this can spell disaster for your company. Here at Creative Network Solutions, we are Manchester’s leading IT support and network services experts. From secure remote access services to business VoIP, we are the team you can count on. And this is our guide to everything you should know about why SME’s cant afford to ignore cyber security.
What are the biggest reasons why SME’s cant afford to ignore cyber security?
SME’s cannot afford to ignore cyber security for three different reasons:
- Cyber crime will disrupt your business
- Cyber crime will cause financial damage
- Cyber crime will damage your business reputation
Cyber crime will disrupt your business
If your SME is not protected from cyber crime any attack will cause significant disruption to your business. This can include:
- Shutting down parts of your business- some types of cyber crime, like DDoS attacks and ransomware for example, can result in parts of your business needing to close, or being temporarily unavailable. This can cause financial disruption, while also causing problems for the daily running of your business or company. Important files may not be accessible, and work on different projects may need to be paused until the systems can be restored.
- Loss of production- its highly likely that any cyber attack will result in a loss of production for the duration of the attack, and the length of time it takes to resolve this.
Cyber crime will cause financial damage
SME’s are likely to suffer with high costs and significant financial damage if they are hit with a cyber attack. And unprotected systems are much more likely to be targeted. For SME’s this financial damage can be really challenging to absorb, and can even result in insolvency or bankruptcy. Ransomware is a particular type of cyber attack that demands money from companies to release data that has been locked or encrypted by the attackers, but financial damage can occur in a number of other ways too, including:
- Business disruption- the disruption caused to your business is likely to have a financial impact including losing out on sales or bookings, especially online, as well as the loss of productivity.
- Finding a resolution- for systems that have not been properly protected the cost of resolving the damage can be much more expensive. This is because any cyber attack is likely to cause more significant and widespread problems for your company, if there are no defences in place to prevent this.
Cyber crime will damage your business reputation
Finally, SME’s cannot afford to lose reputation due to loss of financial or personal data as a result of a security breach or a cyber attack. This is something that can damage even large, international companies on a large scale basis. Damage to your reputation in this way can be difficult to bounce back from as customers and consumers will find it more difficult to trust your company again.
For more information or advice about API security, why not ask the experts today, here at Creative Network Solutions.