Why So Many Businesses Fall Short on Cybersecurity

Your business relies on many digital systems and interactions to produce its best work. You carry data that’s important not only for your business but also for your individual customers.

Accordingly, cybersecurity should be a top priority in your organization. The same is true of every other business in the modern era.

However, many businesses fall short when it comes to cybersecurity. They may not be paying enough money for their cybersecurity strategy, they may not have access to the right tools, or they may not be taking it seriously.

Why is this the case, and what can we do about it?

Why Cybersecurity Matters

Everyone in your organization should care about cybersecurity. It’s essential for your organization to protect your most important company data and reputation, remain in compliance, and reduce possible future expenses.

Even a single sufficiently catastrophic cybersecurity event can threaten the existence of your business. Dealing with data breaches and similar incidents is typically expensive, harmful to your reputation, and time-consuming.

It’s also important to realize that every individual in your organization should have a vested interest in cybersecurity, because even the slightest vulnerability can lead to a devastating attack.

All it takes is one person in your organization to fall for a social engineering scam or neglect basic best practices.

Why So Many Businesses Fall Short

Why do so many businesses fall short of basic cybersecurity standards?

There are a handful of explanations – let’s look at some of them.

Lack of understanding

Some business owners simply don’t understand how crucial digital security is, even if they operate their business primarily digitally. They may not know just how many potential threats or how devastating those threats can be, nor do they have a solid understanding of how effective cybersecurity can guard against those threats.

Lack of prioritization

A business owner might understand the potential threats and risks but choose not to take action because it is not a high priority for them.

On some level, this is understandable; if you’re trying to make your business as productive and efficient as possible, cybersecurity may seem like a distraction. But if you neglect this essential element, you could quickly regret it.

Misconstrued risks

Some business owners fail to see or evaluate risks accurately. They may think that running a small business means having a much smaller risk of being the target of a cyberattack. In reality, small businesses are especially likely to be the targets of cyberattacks.

Limited funding

How can you manage a robust cybersecurity strategy if you don’t have much money to allocate? This is a struggle for small and inexperienced business owners. Even so, many cybersecurity strategies and tactics are inexpensive or free.

Relegation to IT

Some business cybersecurity strategies are insufficient simply because they delegate everything to the IT department. However, your IT staff members can only do so much to protect your organization; you’ll also depend on the actions and behaviors of employees across all departments.

The Basics

At a minimum, your business should comply with the following bare minimum standards.

Develop leadership

Ensure you have leaders who take cybersecurity seriously and can devise and execute strategies to improve it. With thoughtful and methodical leaders, you’ll have a much easier time defending your organization.

Devise a high-level strategy

You also need to have an overarching strategy in place. What are your organization’s most significant threats and risks, and how can you guard against them? How will you develop your tactics over time?

Address the low-hanging fruit

Most cybercriminals aren’t sophisticated geniuses; they’re simply opportunists. They would much rather take advantage of someone’s leaked passwords than try to crack them using advanced hacking techniques. In line with this, you should always strive to address the low-hanging fruit first. In other words, use cheap and inexpensive strategies to make it hard for cybercriminals to take advantage of your organization.

Train and educate employees

Finally, take the time and effort to train and educate your employees on cybersecurity topics.

Remember that even a weak link in your organization can fall prey to a social engineering scam or create a similar vulnerability that can be easily exploited.

Final Words

Business owners should take cybersecurity seriously, as neglecting it can lead to severe consequences.  While a hack may seem like a low probability, the risk of customer data loss is not worth it.

Shockingly, approximately 43% of all cyberattacks target smaller companies, and nearly 60% of small businesses close within six months of a cyberattack.

Investing proactively in your cybersecurity needs means you’re not just spending money; you’re making a strategic decision to protect your organization from expensive and potentially existential risks. This approach puts you in a much better position to safeguard your business.