The Importance of Network Security for Your Business

The Importance Of Network Security For Your Business
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We live in an increasingly digital world. Just as you install security systems at your workplace, you also need network security for your online data.

Network security is one of those things we rarely think about until something goes wrong. But when a cyberattack happens, you’re made aware of all the vulnerabilities in your network.

Unfortunately, the number of cyberattacks increases each year, especially since the start of the pandemic. As more businesses moved their information online, hackers took notice and began looking for vulnerabilities.

Network security is the key to protecting your business from cyberattackers. It’s a way to prevent data breaches using secure infrastructure and authorization processes.

Here’s why you should allocate part of your 2022 budget for network security:

Keep Private Information Secure

Hackers gain access to your network in all sorts of ways. They may send a phishing email to your staff, which contains a harmful link. They could crack an easily-guessed password. Or they could exploit a weakness in your firewall.

Have you considered all the sensitive information that is stored on your network? Think of all the data you upload online. It may include:

  • Information about your company’s processes, strategies, and finances
  • Personal data about employees, such as banking information or social security numbers
  • Client information (full names, addresses, and phone numbers)

Once this information is leaked, what could a malicious party do with it? Your competitors may steal some of your strategies, reach out to your customer base, or worse.

If your information was leaked, it could threaten the success and reputation of your business. A report about data breaches found that 46% of businesses suffered reputational damage from the attack. Make sure your private information stays private with enhanced network security.

Protect Your Clients

As a customer, you expect that the businesses you work with will keep your information safe. But what if they fail to do so? Even the most loyal customers will start to mistrust a business after a cyberattack. To them, it may seem that your business simply didn’t do enough to protect them. And that’s a surefire way to lose a client.

In the worst-case scenario, the hackers may gain access to your customer’s banking information, and attack their personal accounts. Not only is this devastating for your clients, but it can cost your business thousands in lawsuits.

If your business is publicly known as one that’s been hacked, many clients and potential customers will lose faith in it. This limits your growth potential and threatens your revenue streams. Maintain credibility and protect your reputation by investing in network security.

Retain Your Top Talent

Retain Your Top Talent

No one wants to work in a place that makes them feel unsafe. After a cyberattack, your employees might feel like their private information is no longer safe. It may cause your staff to lose faith in your leadership.

Things like proper email security help your employees feel secure about sending messages and files. These measures can be seen as a benefit for those working at your company. Your employees can trust that their information will remain safe.

You rely on your top-performing employees to keep things running smoothly. If you work at a company that was infiltrated and your personal information was leaked, you’d probably have your eye on the job market. Keep your employees safe by protecting their information.

Prevent Service Outages

Many small business owners mistakenly believe that, because they aren’t a large enterprise, they are less likely to be targeted by a hacker. But this is far from the truth. In reality, hackers know that small businesses have less revenue to invest in cybersecurity. As such, their networks tend to be easier to hack.

Downtime is costly for any business. During an outage, you can’t generate revenue, and your employees can’t work productively; it’s a double-sided loss of profit. These disruptions can also cost you, customers. If your business provides unreliable service, your clients may be more inclined to switch to a competitor.

Depending on the severity of the cyberattack, your network might be down for a few days or a few weeks. Each hour of downtime adds up. Network security will ensure that you’re never offline during your hours of operation.

Avoid Financial Repercussions

On top of all the consequences a security breach has for your customers, employees, and private information, it also impacts your finances. The cost of a data leak can be enough to shut down a business.

How much does a cyberattack cost? The answer is contingent on the size of your business, the nature of the attack, and what you stand to lose. In 2021, data breaches cost a total of $4.24 million in the U.S.

No matter how big or small your company is, it costs a lot more to recover from a cyberattack than it does to invest in network security. Take a preventative approach by boosting your cybersecurity before it’s exploited.

Network Security Solutions

If you own a small business, you might not have the budget for a full-scale security system. What can you do to protect your network, but not break the bank?

Hiring an in-house employee can be costly. Another option is working with an IT support company. With managed IT services, you can affordably outsource day-to-day network security tasks.

Do you have employees that work remotely? If so, their home networks may be vulnerable. When people are accessing your network from different locations, it’s harder to determine if those users could be hackers. Hiring an IT company to monitor your network will ensure that any suspicious activity is detected ASAP.

Next, change your passwords frequently, and encourage your employees to do the same. Rather than using words or phrases that are easy to remember, try scrambled letters with special characters and numbers.

Another effective security measure is multi-factor authentication. This requires users to submit two proofs of identity before they can gain access to their accounts.

Remember: without network security, all of your online information is vulnerable to a cyberattack. Don’t give hackers the upper hand—protect your business with cybersecurity measures. When your network is secure, you can trust that your company will be safe from these devastating repercussions.

Thank you for reading!