Every business, regardless of size, is at risk for a cyberattack. In fact, it’s estimated that 50% of small businesses have been the target of an attack, yet 70% of small business owners surveyed believe their companies are safe from an IT security breach.

Small businesses can actually be at greater risk than larger organizations because of technology weaknesses due to budget constraints, poor staff training due to time constraints, or just the belief that “it won’t happen to me”.

Here are four key impacts of an IT security breach that could affect every small business according to cio.com:

Lost Business

A security breach often means shutting down network operations for a period of time. The business impact of your entire computer network being down for a day, a week, or longer would be substantial. Some small businesses never recover.

Loss of Company Assets

Cyber criminals look for confidential information, such as bank account numbers and passwords, so they can steal funds directly from your accounts. Banks often do not refund these losses. Proprietary information like product designs or service plans can also be stolen which inflicts further loss.

Reputational Damage

Reputational damage is difficult to measure, but it’s real nonetheless. Restoring your customer’s confidence and trust after a breach occurs can take time, if it occurs at all.

Litigation Risk

Fortunately, small businesses are not very likely to be sued for a breach of customer information UNLESS they failed to implement reasonable protection measures. So, take the opportunity now to employ reasonable steps to secure your data.

What to Do

Evaluate the security of your network and talk with your IT provider about the technology tools that are available to keep your network safer. If necessary, implement a plan in stages to help you ease the budget demands.

Also, educate your employees about cyber risks and how they can help. Reminding them not to click on suspicious emails and to be diligent when searching the web is a great start.

If your business needs help managing IT, contact CRU Solutions.