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43% of cyber attacks are carried out on small-scale businesses. Why? Because cyber criminals are counting on the fact that you may not be diligent with your business network security.
But besides avoiding cyber threats, there are many benefits of cyber security.
Read on for a list of 5 cyber security benefits you should know about.
1. Ensures Continued Productivity
One of the benefits of business network security is that it keeps your systems working.
Cyber threats can slow down or freeze your system. This lead to wasted time and possibly bringing your operations to a standstill.
The average cost of downtime due to a cyber attack is $22,000 per minute! Depending on how quickly you can get your systems back, you are looking at between an hour and several hours of lost revenue.
Also, cyber threats can make your site go down. As a result, you’d lose out on countless transactions as well as customer satisfaction.
2. Build Confidence
One of the most important cyber security benefits is that it allows you to inspire trust in your customers and business partners.
Being able to withstand attacks and get your organization back up and running with little downtime and losses is a huge win. Your customers and partners will feel confident in continuing to work with you.
A strong business network security means being prepared before a cyber threat hits. By doing so, you guard your brand’s reputation.
It’s also a way to guard your brand’s overall reputation.
3. Protect Your Reputation
Whenever there is a large-scale security breach, it makes national news. The organizations that suffer the attacks are put under a microscope.
The harsh truth is that some of those businesses never recover. A sullied reputation is hard to fix.
Especially if the data breach involves the loss of sensitive information. Customers are not likely to work with you if you’ve lost customer’s data in the past.
4. Protect Your Profits
We already talked about the cost of downtime. But there’s so much more at stake financially than lost revenue.
You could face serious fines and penalties if you suffer a cyber breach. It’s even possible that you are held accountable for liabilities such as lawsuits, identity theft and more.
Then there’s the cost of paying cyber criminals ransom if you fall for a ransomware attack.
In 2019, ransomware attacks will cost businesses $11.5 billion in damages. One of the most important benefits of cyber security is protecting your bottom line.
5. Allows You to Comply
There are data protection regulations that organizations must comply with. There may also be industry-specific regulations that you are bound to adhere to.
The cost of noncompliance can be hefty. Even for small businesses. You will save yourself from negative outcomes by complying with these regulations.
Final Thoughts on the Benefits of Cyber Security
Thanks for reading. We hope these 5 benefits of cyber security help you decide to ramp up your network security.
So next time someone asks you, why is network security important, you’ll be able to tell them.
Next, learn how to stay up to date on cyber security.