No matter what its size, nearly every business today relies on digital data. Left unencrypted, that data is left vulnerable to hacks and breaches. Because cyber attacks against big corporations get the most headlines, many SMBs assume it’s something only large enterprises need to worry about. Security threats, though, are growing among smaller businesses. Assuming your business is too small to attract hackers could end up being a grave mistake that costs you in a big way.
5 Reasons For Encrypting A Small Business
Did you know that more than 40% of cyber attacks are aimed at SMB? Or that the average cost of a data breach for businesses with fewer than 500 employees is $2.98 million? That makes encrypting your small business imperative to protecting the risks it faces from bad-faith actors.
These are just some of the reasons all SMBs who rely on digital technologies need encryption.
1. Increased Malware Attacks
Incidents of ransomware and crypto-malware are rising.
- Ransomware is malware that threatens to block or publish your business’s data by encrypting it. You then need to pay a ransom to retrieve it. And because the ransoms always come with a deadline, many SMBs panic and pay so they can keep operating.
- Crypto-malware is a relatively new threat where a program encrypts the data in your computer system to extract money.
Protecting your business against these threats is challenging, but encryption can help you preserve your data confidentially. For instance, an AW SSL Certificate protects your server against malware attacks by ensuring only people with the decoding or decryption key can access the data.
2. Your Business Isn’t Always Safe in The Cloud
Many small businesses use cloud computing because they like its flexibility and see it as a solution to their growing bandwidth demands. However, your confidential data isn’t necessarily as well-protected in the cloud as it is on a physical server. Though many cloud providers comply with confidential data regulations, others do not, which can lead to breaches by their employees or outside forces. Encryption keeps your data in cloud storage safe from security threats.
3. Your Business’s Reputation is at Risk
Your reputation is vital to maintaining and growing your business. Your customers put their trust in your ability to protect their confidential data, including financial and credit card information, their names, and even their addresses. A data breach that puts this information in the hands of people who mean to do them hard can destroy your business’s reputation. Encrypting the personal identifying information of your customers and clients ensures their confidentiality is maintained and your reputation is intact.
4. You Need More Than Password Protection
Even the strongest passwords don’t adequately protect confidential information on computer devices, as hackers seem to always figure out how to crack them. Data encryption and limiting employee access to user data are far more effective than strong user passwords alone. Advanced, corporate-level encryption solutions for small businesses give you twice the data security of a built-in software version.
5. Securing Data For Remote Work Is a Must
Remote or hybrid work environments are a blind spot for many SMBs when it comes to encryption. Yet as more employees have transitioned to working remotely over the past two years, it’s essential that off-site access be secured to prevent confidential information from ending up in the wrong hands. In-house IT personnel often find it difficult to manage and secure remote cybersecurity risks, particularly if employees use their personal computers, devices, and routers. A third-party vendor can provide the remote desktop encryption services you need to keep data as secure as possible when employees work outside the office.
Online Security Through Strong Encryption
Encryption is no longer just a big-firm concern, and network security for small businesses is crucial. As part of their cybersecurity plan, small businesses must invest in encryption to secure their and their customers’ confidential data. By doing so, you can avoid the risks associated with malware and other cyber threats, keep your business reputation safeguarded, and realize significant growth and profits for the long term.