Technology brought along numerous opportunities for businesses, but it has its downsides too. Internet and cloud computing have completely changed how businesses operate. We can now store our data online instead of on our hardware where it’s easily reachable by everyone no matter where they are. Our cloud-based data made us more flexible and efficient, but the Internet is never used without risk. Security is one of the main things businesses are focused on today, especially small businesses. We’re concentrating on small businesses in this article because they are the most vulnerable kind. With limited resources, they typically lack the infrastructure and expert minds needed to successfully defend themselves from cyber threats and expand the business in the most efficient way possible. That’s why starting a business is a bold and commendable move that carries certain risks.
1. Security risks
As technology is evolving, so are cyber attacks. They are being more intelligently constructed, they’re more complex and more difficult to defend from. All of this means that businesses are under the constant risk of being attacked. Scary, right? U.S Securities and Exchange Commission has published the results of a survey that show that as much as 60 percent of small businesses that suffer a cyber-attack go out of business within the next 6 months. As scary as these numbers are, we can’t let them be ignored. There are ways to defend the company and a good start is to start understanding just how serious the problem of cyber attacks is and educate the employees. William Ives Consulting emphasizes the importance of good partnership with a trustworthy company as a mean to improve your security measures.
Some of the ways small businesses are being attacked are phishing attacks, ransomware, e-commerce hacking, and others. Even though small businesses have limited resources, investing in network monitoring is crucial for the survival of the business.
2. Recovery process
Backing up data is, needless to say, very important. Today, luckily, technology has evolved enough for businesses to be able to get back up and running in a matter of hours or even sometimes minutes instead of wasting days on recovering data as was the case not so long ago.
As more employees are deciding to use their own hardware, it’s getting a bit difficult to manage info and data from so many OSs and apps.
It’s important for every business to be ready for the data loss and know how long they can go without access to certain data. While some are less important, others are crucial for the company and should be retrieved as soon as possible. You need to be aware of your costs of downtime and of course, find the best possible backup system.
3. New regulations and data protection
Major security breaches have induced the introduction of major new regulations. New privacy laws, PIPEDA in Canada, and GDPR in the EU are there to make the business be more careful about the security of their customers. There are new procedures to be followed and they are scaring numerous companies. Major changes have been made and even though some businesses are having a hard time getting used to them, their benefits for the customers aren’t negligible.
4. Adopting the new technology
It’s no secret that many companies are sometimes scared of changes. Implementing new technology often demands the resources businesses either don’t have or aren’t too eager to spend on that. Their hesitation mainly comes from doubt about whether or not such changes will pay off. Will it be good for the company? Will it make leading the business harder? Is it really worth it? New tech arises almost daily and it’s sometimes hard to keep up. But on the other hand, companies need to stay competitive and implementing new tech into their business is crucial.