There is an old adage that the customer is always right. Unfortunately, at Flugel.it, we’ve learned this is not always the case. Recently, one of our clients came to us and said that security was unnecessary because they do not store customer or client data. For us, this was shocking to hear. Our client couldn’t have been more wrong.
On the surface, it may seem like security is all about protecting data, especially your customer’s data. If you are a business that does not hold a lot of customer data, for example, credit card information, customer profiles, etc., you may feel you do not need to be as concerned about security. However, you always have some customer data, even if it is only an email address for your primary contacts. Beyond customer data, security is essential for many reasons that go far beyond data security.
A cyberattack can take down your business operations and servers. Anytime your business is down, you are losing money. To put it simply, a cyberattack can and will affect the productivity of your business. It is estimated that 60% of small companies that suffer a cyberattack close within six months.
Take your web presence, for example. Your business most likely has, at the very least, a website. If there is an incident and your homepage is replaced, this could seriously affect your brand reputation, and you will have to spend time and labor to restore the page. Other products could be affected by downtime. Any time spent addressing an attack is time not spent on other aspects of your business.
While you may not hold much client data now, you can’t predict the future. As your company grows, you may find that you are, in fact, retaining customer information. Perhaps you add a new service or feature to your existing product. Having the proper security practices in place will allow you to offer new products and services quickly. Not being able to grow into new sectors or as fast as you would like will most certainly affect your bottom line.
We have discussed the significant differences between security and compliance in the past. However, the two go hand in hand. Your business must adhere to regional and local regulations, not to mention maintaining industry standards. There are requirements for any business with digital assets. Failure to comply with regulations can result in hefty fines. You can ensure you are compliant by having security in place.
The impact of an attack can be much bigger than you think when it comes to your brand reputation. In fact, this might be one of the most important reasons to protect your business with proper security measures.
Studies have shown that organizations can suffer damage to their brand value and reputations when a data breach occurs. One study showed that 46% of organizations that faced an attack experienced some reputational damage. Furthermore, 19% of organizations saw damage to their brand due to a third-party security breach. A cyberattack may not only hurt your reputation, but it could harm your client’s brand value too.
When it comes to attracting the best talent and clients, your reputation is critical. It is an intangible asset that plays a significant role in your business. Employees will not want to work for a company with lax security, and clients will not want to hire them.
At Flugel.it, we know security matters to the people who work for you and your clients. It is one of the best investments you can make in your business. It protects all aspects of your operation and will ensure you can grow and stay compliant. Most of all, it will protect your brand value now and in the future.
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