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Business Investment in Cybersecurity

Why Every Business Should Invest in Cybersecurity

Cyber security is essential to businesses of all sizes. Learn how to keep your business up to date and protected from the most common digital threats.  

Cybersecurity is no longer a concern exclusive to large corporations. Since the infamous attacks on Equifax, Target, and Apple, cybercriminals have started to shift their focus towards smaller businesses. Without proper security protocols, small businesses are sitting ducks even for novice hackers.

In recent years, the cost of data theft targeting small and medium-sized businesses (SMBs) has risen significantly. The Ponemon Institute reports a 17% increase in the average cost of theft and damages, and a 26% increase in the average cost of disruption to operations. The threat has prompted many SMBs to invest more heavily in third-party data security services.

Cybersecurity in a Continuously Evolving Digital Space

Ever-evolving technology makes the world more connected, but also makes data more vulnerable to attackers. Gone are the days when an antivirus, firewall, and email filter were enough to earn a passing cybersecurity grade. As criminals refine and improve their methods of attack, businesses and IT professionals must step up their defenses.

The most recent trend in cyberattacks is a shift towards SMBs, many of which lack the breadth and depth of data security that larger corporations are likely to have. Illicit tactics such as email phishing, direct hacking, and installing ransomware can spell big trouble for SMBs. If your data is compromised, the results can extend to your customers and other members of your supply chain.

Consequences of a Data Breach

The fallout from a data breach depends on the scale of the attack and the value of the data stolen. Hackers may be able to seize control of accounts, drain funds, freeze assets, and access sensitive customer information. If you operate in the healthcare or financial sectors, you may be liable to pay reparations in addition to suffering the cost of stolen capital and the inability to continue operations. The cost of a large-scale data breach can devastate even the wealthiest of corporations, and will most certainly overwhelm a small business.

How to Improve Cybersecurity

A common misconception is that only large corporations can afford effective cybersecurity. In most cases, implementing cybersecurity isn’t merely a matter of money, but of proper training and awareness. A Ponemon Institute study linked 54 percent of data breaches to employee or contractor negligence. This includes email phishing, which is often the first step attackers use to conduct large scale theft of usernames, passwords, and other sensitive data.

Educating and training your employees on cybersecurity minimizes the risk of data theft at the point of contact. Your business should have protocols to identify signs of phishing, choose secure passwords, and grant or deny access to information. You can also inform your customers about how to keep their information secure. Taking this two-pronged approach shows customers how committed you are to keeping their data safe.

Being proactive and spreading the word on cybersecurity threats will help you protect your business from hackers. Whether you’re a multinational corporation or a two-person mom-and-pop shop, your customers rely on you to safeguard their data. Implementing the latest security practices lets them know that you value their trust.

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Elizabeth Mitrani
Elizabeth Mitrani
17:23 06 Aug 19
Palindrome Consulting was key in establishing my business and helps me keep it running. They are the consummate... professionals, incredibly knowledgeable and are always available to help. They have gone above and beyond to ensure that I was up and running quickly and that any issues that may arise on my end or dealt with immediately. I highly recommend Palindrome Consulting.read more
Moshe Rubinstein
Moshe Rubinstein
14:57 28 Jun 19
They are there every step of the way. Responsive and timely. The full service mentality mixed with the problem solving... abilities, is what makes them an easy choice.read more
Benjamin Wainberg
Benjamin Wainberg
14:09 28 Jun 19
Palindrome Consulting is customer centric. For Palindrome Data Safety is paramount; they keep their and our systems... updated with the newest technologies and are not shy at changing to better alternatives. Their platforms are always running and in the odd case there is an event, their technical team has an awesome response time.read more
Copier Man
Copier Man
13:56 28 Jun 19
We have been using Palindrome since 2005. They make my company feel like we are #1 all the time. Expert staff are... always available to help all my users all around the country.read more
Martin Feldman
Martin Feldman
16:43 26 Jun 19
As a partner in Fischer & Feldman, P.A. we have utilized Palindrome Consulting as our IT experts for many years. In... addition to keeping our server up and running, they are available to consult on the everchanging cloud and web landscape. We could not function as a successful law firm without their constant care, attention and almost IMMEDIATE RESPONSE TIME.read more
Rebecca Fischer
Rebecca Fischer
16:39 26 Jun 19
Palindrome has been my IT company for more than 15 years. We have been through four server and computer replacements... over the years all of which went smoothly. As technology has changed Palindrome has kept us current in their recommendations and are extremely responsive when we run into a software or hardware problem. We have been through hurricanes with Palindrome and felt confident they would have us up and running as quickly as possible and despite the fact we are probably a smaller client, they have treated us as one of their most important clients. I highly recommend Palindrome and have complete confidence in their capabilities and service. They have even gone the extra mile when we wanted to donate our old computers to a children's special needs school and delivered the computers, set them up and provided service for the same. Ilan Sredni is the consummate professional and has surrounded himself with top professionals and skilled technicians.read more
Nelson T
Nelson T
20:32 25 Jun 19
Palindrome Consulting has proven itself time and time again to be the epitome of professionalism and technical... expertise. They take the time to listen to your needs and then apply their wealth of technical knowledge to create truly innovative and robust solutions. They truly deliver piece of mind.read more
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