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Valuing the Importance of Network Security for SMBs

Summary: The consequences of a cyber attack on a small or midsized business (SMB) can be devastating, but there are cyber security and network security solutions that can secure your network.

The cyber security landscape is forever evolving. At the same time, SMBs are increasingly dependent on their technology, and must keep pace with the changes to protect their networks, devices and data from cyberattacks. Unfortunately, because most small businesses don’t have the budget for 24/7 in-house IT, they’re considered prime targets for cybercriminals. Also, many don't understand the critical need for network security in protecting their business's financial stability and continued growth. If you don’t lock down your network, a single data breach could be financially devastating and, at its worst, lead to bankruptcy. Over 60% of businesses hit with a major cyberattack close their doors within 6 months of an attack.

Why Is the Importance of Network Security Greater Than Ever?

Network dependency continues to expand, and as it does, new cyber threats emerge. You transmit valuable, private business data over your network, including payment information, financial records, proprietary information and confidential client data. With increased access from remote employees, cloud apps and connected devices, the cyber attack surface area has expanded.

Network security is about protecting your data, communications and systems so that they’re safe from hackers. Once unauthorized access occurs, your business is under siege, your data is at high risk and your business can be disrupted.

Q: Why do small and midsized businesses need network security?

A: SMBs often have fewer defenses. As a result, they’re prime targets for cyber thieves. It’s therefore vital to ensure your private data, communications and systems are all secure.

What Are the Consequences of a Cyber Attack for SMBs?

The consequences of a cyber attack aren’t just downtime and financial loss. Many SMBs don't recover from a serious data breach or a cyberattack. The FCC notes: “If you have a WiFi network for your workplace, make sure it is secure, encrypted and hidden.” Your hard-earned business data is your most precious commodity. Why wouldn't you protect it? If it was stolen or compromised, would you be able to recreate it – and at what cost?

When your data is breached, you might face:

Q: What are the consequences of a cyber attack on an SMB?

A: The aftermath of an attack includes loss of client trust, operational downtime, legal penalties, damaged reputation and long-term recovery costs.

How Does the Cost of Cyberattacks Impact SMBs?

Larger companies have greater resources that allow them to absorb the cost of most security events, but attacks can cripple smaller companies. Beyond the IT security fixes, costs include direct financial theft, investigation and forensic analyses, system restoration and hardware replacement, legal fees, regulatory fines and settlements, and lost revenue from downtime. For many SMBs, these expenses can easily reach hundreds of thousands of dollars. Then there’s the hidden toll of lost productivity and the opportunity cost of time spent recovering instead of growing your business.

Q: How can the cost of cyberattacks impact small and midsized businesses?

A: Cyberattacks can lead to expenses for investigation, restoration, legal fees, fines, lost revenue and reduced productivity. Such costs can damage smaller operations.

What Are the Benefits of Cyber Security for SMBs?

The benefits of cyber security start with preventing financial loss, but a strong network security strategy also offers a competitive advantage as an essential part of your brand promise to clients.

When your security measures are effective, you gain:

By focusing on the benefits of cyber security, you can turn what some view as an expense into an investment in long-term business health.

Q: What are the key benefits of strong cyber security for SMBs?

A: Benefits include stronger client confidence, fewer operational disruptions, compliance with regulations, higher productivity and an improved reputation.

Why Is Employee Awareness Critical to Network Security?

Even state-of-the-art cyber security will not protect your business if your employees aren’t aware of the possible threats. Just one employee clicking on a malicious link or using and reusing a weak password can launch a catastrophic event. Also, the remote work model demands device security for every connected device. If your business has remote employees, working from home or traveling, they must take network security seriously.

Ongoing training educates your staff on the pitfalls and ensures they understand their role in protecting network security. Topics might include phishing awareness, virtual private networks (VPNs), password management, safe browsing habits and recognizing suspicious activity. Employees are your network's first line of defense, and when they’re trained effectively, they can prevent incidents before they start.

Q: Why is employee awareness critical to network security?

A: Because many breaches result from human error, such as clicking malicious links or using weak passwords, trained employees act as the first line of defense.

How Can You Build a Strong Network Security Plan?

A strong network security plan involves multiple layers of protection. No single measure can cover all risks, so you need a comprehensive approach. Consider including:

By implementing multiple safeguards, you reduce the chance that a single vulnerability will lead to a major problem.

What Role Does Monitoring Play in Preventing Attacks?

Even if you already have superior cyber defenses, your network won’t be risk-free. That’s why continuous network security monitoring is a priority. By monitoring your network, you can detect cyber threats early, giving you a chance to respond before they escalate. Whether you’re fortunate enough to have an in-house IT team or contract with an IT security provider, you must monitor your network 24/7/365, watching for suspicious activities such as unprompted data transfers, spikes in your network traffic and illicit logins (and attempts). Early detection can stop or mitigate the effects of a cyberattack.

How Do You Recover If a Breach Occurs?

You may take cyber security seriously. You might have superior defenses in place, but even if you feel you are totally prepared, it's still possible for a determined hacker to succeed. If your SMB falls victim to a cyberattack, a prompt, organized response is key to limiting the damage caused. Recovery from a cyberattack should include:

The faster the response to a cyberattack, the better your chances of mitigating damage and recovering from the event.

How Does Network Security Drive Business Growth?

Installation of network security is not just about avoiding financial loss. The benefits actively support your company's growth. If your clients feel their information is safe with you, it could lead them to expand their business relationship with you, especially for clients with high compliance obligations. Excellent security also gives your business the freedom and confidence to embrace new technologies. Also, online collaboration, mobile apps and cloud solutions are safer when you have a robust security foundation.

Do You Understand the Importance of Network Security?

A strong, secure network is the backbone supporting your business. Understanding the importance of network security, the real cost of cyberattacks and all the benefits of cyber security are imperative for your business's future. Cyber threats evolve, but with the right strategy, training and technology, you can stay ahead of them. The investment you make in network security will pay off in resilience, trust, and the confidence to grow your business without fear. Reach out to us if you are in the greater New York City area or contact a professional IT security management firm to learn about your options for managed services and devise a customized, cost-effective solution for your SMB.