There were 28.8 million SMBs in the US back in 2016 according to the Small Business Administration. That number has ballooned to 30.2 million in 2018. As the small business industry grows, cyber attacks on small and medium-sized businesses in the United States are steadily increasing as well. This has led to the rise of business security software solutions and its increasing prevalence in the modern business landscape.
A joint study on small business security trends by IBM Security and the Ponemon Institute in 2017 revealed that in 2016, 55% of all SMBs operating in the US revealed that they had at least one successful security breach. The following year, 61% of US-based SMBs reported successful security attacks at least once.
There are quite a few reasons why your business should use enterprise security software. And there are so many cyber security software tools available in the market that you encounter a few debates such as antivirus vs anti-malware. That said, the following reasons should be enough to compel you to make that move if you haven’t already.
1. Protect Your Business from Ransomware
Ransomware is one of the greatest security threats to any business organization. Unfortunately, it is difficult to detect. More often than not, ransomware discoveries are made once the program has long gone past your defenses and already placed a firm hold on your hard drive files.
In most cases, you will lose access to your whole computer, not just your files. Fixing the problem is almost impossible and the only way to regain access is via a decryption key generated by the hackers. This setup forces business owners to comply with the hackers’ demands, which can figure from thousands to millions of dollars, depending on the value of the information.
It is essential to explore cybersecurity platforms that score high on security software reviews and determine if they have robust ransomware detection and prevention features, as these tools don’t come cheap. However, investing in a business security software with powerful ransomware capabilities is a whole lot better than falling prey and losing money to hackers.
2. Secure Sensitive, Business-Critical Data
Having a security software for business is now needed more than ever. Your computers, mobile phones, and other devices used for your business are huge troves of valuable business data. These are highly valuable and equally vulnerable as hackers can sell your information to your competitors for a significant amount of money or leverage them for their own gain.
Crucial information such as bank accounts, credit card numbers, customer information, sales, and more are prime and juicy targets for hackers, malware, phishers, viruses, zero-day attacks, and other malicious programs. Even your personal information can be hijacked and used to disrupt your business.
A decent security solution should stop most of these attacks. But then, security threats are always evolving as hackers and information thieves constantly find ways to beat the system. Investing in the best computer security software that offers comprehensive security features and constant updates is the best route for every enterprise.
3. Boost Customer Confidence
From stealing important and sensitive business data to disrupting your business operations, viruses, malware, and other malicious programs that have don’t only result in colossal profit loss, but can severely hamper your brand. And when that happens, recovery is not just a struggle. It an uphill climb on a very steep edge.
For a significant number of small businesses though, a cyber attack is a dagger to the heart. In a 2016 news article on cyber attacks on small businesses, the Denver Post, citing the US National Cyber Security Alliance, reported that of the small businesses that suffered a security breach, 60% closed down within six months.
The use of the most updated business security software plus the implementation of improved security practices (i.e. constant encryption of sensitive customer information, deletion of suspicious emails, files, and tweets, and getting a cyber insurance plan) not only shield your business from cyber attacks, they also help inspire confidence among your customers and keep your business going.
4. Increase Your Sales
When your customers are inspired and assured that their information is safe with your business, they are more than empowered to purchase your products or subscribe to your services. Security can help drive sales and impact your performance.
When you have a good security history, such as how your websites implement the latest security technologies, run strict protocols and adhere to compliance standards, people are drawn to your business and most of them will convert. Consumers are easily encouraged to do purchases when they know they can trust your site.
Know Your Weaknesses and Address Them
Every business is vulnerable to cyber attacks. Even large corporations that can afford the latest business security software can fall prey to hackers and information thieves if the former slack around while the latter works furiously in the dark. The Yahoo! data breach of 2013-2014 and the 2016 Bangladesh Bank Heist are prime examples.
As security technologies become more advanced, hackers, scammers, and thieves continue to up their game as well. One of the best ways to combat them is to constantly check your network for any soft spot.
From weak OS installations to network perimeters, it is vital for your digital security to relentlessly assess your most critical vulnerabilities.
The tricky part, however, is to secure your systems, devices, and network without human intervention. The good news is that most business security platforms are treading the right path, improving powerful security features like automated threat analysis, identity, and dissemination and faster responses to potential threats.