Is Security Important for My Company Size?

Whether you run an airline, a corner grocery store, or a sports medicine practice, technology plays a key role in your business’s operations. According to the U.S. Chamber of Commerce, 95 percent of small businesses use computers or similar technology platforms every day¹. Unfortunately, no matter your company’s size, hackers and other malicious actors lurk across cyberspace, lying in wait to steal sensitive business and/or personal information. If your data falls into malicious hands, the consequences can be dire. Consider that the average data breach worldwide costs $4.45 million, according to IBM². For smaller businesses, the damage can even be terminal, as 60 percent of small companies must close their doors forever within six months if they are attacked³. Now, you may ask yourself, “Is security important for my size company?”

(Image courtesy of https://www.linkedin.com/pulse/importance-cybersecurity-business-teamleasedigital/)

                The answer is simple: it is. Cybersecurity – the art and science of protecting your business’s data from malicious actors both inside and outside the organization – is essential for every company⁴. Whether you run a small neighborhood café or a large multinational automotive manufacturer, you must have a cybersecurity strategy in place to ensure the availability, confidentiality, and integrity of your business’s data. In this article, we will explore why security is important for businesses of all sizes.

                If you are a small business owner, you must invest in cybersecurity starting on day one⁵. With today’s business environment more reliant on technology than ever before and known weaknesses totaling in the hundreds of thousands at any moment, you must not overlook data security when starting a new company⁵. When establishing a new business, you must create a comprehensive security plan, including penetration testing to find and identify known weaknesses⁵. Aside from penetration testing, your cybersecurity arsenal should include firewalls (such as the next-generation ones from Sophos we mentioned in a previous article), anti-phishing and anti-spam software, and data encryption, which ensures that attackers cannot read and infiltrate your data even if they slip past your company’s firewalls⁴. Considering that 51 percent of small businesses do not have any cybersecurity measures in place, ample security measures protect your company from harmful cyberactivity so you can grow and prosper⁶.

                While cybersecurity benefits small businesses from the beginning, mid-sized businesses must not overlook the essential role cybersecurity plays for them. If you run a mid-sized company, chances are you already have cybersecurity tools in place, such as advanced access management policies or MFA (multi-factor authentication, as we discussed in another article) ⁵. However, no matter how many security tools you have in place, you must devote a set percentage of your budget for cybersecurity, including penetration testing⁵. Additionally, with an influx of new devices, networks, and smart products into the marketplace, you must include them in your cybersecurity strategy or else create more avenues for malicious actors to infiltrate your business⁵. This demonstrates the crucial role cybersecurity plays for medium-sized organizations.

                Sure, cybersecurity plays a pivotal role for small and medium-sized businesses, but it is especially critical for large enterprises with tens or hundreds of thousands of employees⁵. If you do not have a comprehensive array of security policies and practices in place, such as routine penetration testing, it will only spell disaster for your business⁵. For example, you should implement a system use policy outlining exactly how your organization’s IT system should – and should not – be used⁴. This policy should not only require the passwords on all company-owned devices – from desktops and laptops to smartphones and tablets – but also prohibit your employees from copying business data and removing it from the office without your prior approval⁴. Furthermore, should you endure a breach or other cyberattack, you must not only create and implement plans to identify and detect these events, but to mitigate their effects on your organization⁴. In summary, cybersecurity is paramount if you run a large enterprise.

                While your business’s cybersecurity needs often depend on its size, there are some cybersecurity policies, procedures, and tools your company should implement regardless of size⁴. For instance, you must have policies in place to manage your business’s data repositories, as well as the data backup and recovery processes⁴. Additionally, we at navitend offer Datto data backup and recovery appliances, so you can keep your company’s data secure from breaches, natural disasters, or any catastrophic event that comes your way. In short, having devices, policies, and procedures in place to keep your data safe from disaster is a key component of your business’s cybersecurity equation, whether you run a small antiques shop or a large aircraft manufacturer.

                Meanwhile, you should also implement policies governing your employees’ email and internet usage⁴. For example, you must prohibit employees from using their personal email accounts for business communications⁴. Additionally, if you or your employees receive email attachments from sources you do not recognize, do not open them – or allow anyone else to open them, lest they contain harmful malware⁴. Considering that the average phishing-related data breach costs $4.76 million², it is essential to have a cohesive, comprehensive email use policy for your business. Furthermore, you must also make sure your employees only use the Internet for business purposes, such as researching blog article topics⁴. Your business’s internet use policy should also ensure that you and your employees can only download files from safe, reputable websites, while prohibiting downloads of any files that may contain malicious software⁴. This demonstrates the importance of creating and maintaining policies to govern email and internet usage within your business.

                Finally, you must not overlook the benefits of a comprehensive remote access policy⁴. Chances are you have been forced to work from home at some point over the past four-plus years due to current events, or when inclement weather makes commuting impossible. Therefore, you should create and implement a stringent access policy for all your remote employees, as well as in-office employees who occasionally work remotely⁴. This policy should include requiring you to physically secure every device your business supplies to remote workers, in addition to installing software that protects remote devices from cybercriminals’ malicious exploits⁴. Additionally, while creating a remote access policy for your business, you must require employees to report any security breaches or unauthorized access to your company’s network⁴. Keep in mind, too, that data breaches involving remote work increase the average cost of a data breach by $173,074². In conclusion, you must create, implement, and maintain a remote access policy for your employees so they can easily and securely access your business’s networks, anytime, anywhere, on any device.

                If you need security tools to safeguard your business from data breaches and other cyber disasters, navitend can help. We offer a variety of managed cybersecurity solutions and support for clients in New Jersey, New York, and eastern Pennsylvania. For example, our Datto data backup and recovery appliances make sure your data is stored securely should a breach, malware attack, or natural disaster occur. We also offer endpoint security and next-generation firewalls from Sophos, along with mobile device management from Sophos and Microsoft InTune so you can protect your company-owned smartphones and tablets. Meanwhile, we provide comprehensive end-user security training, plus data loss prevention and ransomware prevention training, so you can recognize phishing schemes, ransomware attacks, and other cyberthreats before they can wreak havoc on your organization. Furthermore, our VPN (virtual private network) deployments let you and everyone in your business access your company’s network while working from home or on the road, whether you are at a client’s office in Cleveland, a hotel lobby in Houston, or an airport lounge in Newark like the one pictured below. No matter your business’s size, we at navitend are dedicated to keeping your applications, data, devices, and networks secure, 24 hours a day and seven days a week.

                Navitend can help you. Call 973.448.0070 or setup an appointment today.

Sources:

¹U.S. Chamber of Commerce. “Empowering Small Business: The Impact of Technology on U.S. Small Business (Second Edition).” Retrieved from https://www.uschamber.com/small-business/smallbusinesstech.

²IBM Security. “Cost of a Data Breach Report 2023.” Retrieved from https://www.ibm.com/downloads/cas/E3G5JMBP.

³Cybersecurity Ventures. “60 Percent of Small Companies Close Within 6 Months of Being Hacked” by Robert Johnson, III. Retrieved from https://cybersecurityventures.com/60-percent-of-small-companies-close-within-6-months-of-being-hacked/.

⁴International Federation of Accountants (IFAC). “Cybersecurity Is Critical for all Organizations – Large and Small” by Steve Ursillo, Jr., and Christopher Arnold. Retrieved from https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/cybersecurity-critical-all-organizations-large-and-small.

⁵Core Security. “Security for Any Business Size.” Retrieved from https://www.coresecurity.com/blog/security-any-business-size.

⁶StrongDM. “35 Alarming Small Business Cybersecurity Statistics for 2024” by Komron Rahmonbek. Retrieved from https://www.strongdm.com/blog/small-business-cyber-security-statistics.