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Cyber security is something that all businesses need to be concerned about today. No matter whether you own a small or big firm, or what industry you operate in, you need to put measures in place to significantly reduce the chance of a data breach. If you don’t think you are a target, think again. Read on to discover some compelling reasons why you need to be concerned about cyber security.

  1. You will lose customers – If you suffer a data breach, you are going to lose a huge number of customers. After all, if they cannot trust you to protect their private data, then they are going to look elsewhere. The damage your reputation will suffer is something that most businesses cannot come back from and if you do manage to rebuild trust, it could cost you huge sums of money.
  2. You will receive bad press – If your system is hacked, you are going to receive bad press, which can harm your reputation. This could result in more lost customers and prevent new customers from choosing your business. You only need to look at the bad press of the likes that TalkTalk and Ashley Madison have received for their data breaches.
  3. You will take a monumental financial hit – One of the main reasons why business owners do not put security measures in place is because of the money it costs. However, if you are breached, it will cost you much more. Not only will you have to pay non-compliance fines, but you will spend tons in terms of remediation expenses, determining what the vulnerability in your system is and dealing with fraud losses. This can equate to thousands and thousands of dollars, if not more! This is why you need to get in touch with a professional firm like Spectrum Wise to make sure the right network security measures are put in place, based on your company’s specific needs and infrastructure.
  4. You could find yourself on the wrong side of the law – Nowadays, there are rules and regulations in place that businesses need to follow with regards to protecting their customer’s financial and personal data. If you have failed to abide by this legislation, you could find yourself on the wrong side of the law, meaning even more bad press and even more fines coming your way.
  5. You are a target – Last but not least, it is important to recognize that you are a target. Many business owners make the mistake of assuming that their business is not a target because it is small. In fact, a lot of hackers target small companies because they see it as an easy payday.  They know that you do not have the money to invest in cyber security methods to the extent that the larger businesses do.

As you can see, cyber security is something that all businesses need to be concerned about. If you don’t take the steps to protect your company, you could end up suffering significant damage in the form of a ruined reputation, monumental fines and remediation expenses. This could spell the end of your business, so it’s really not worth the risk.