As a startup, you can be busy pushing your business to the next level, finding funding, and scaling up, which means security can sometimes be overlooked.
But protecting your business against cyberattacks needs a proactive approach. Think of it as another way to protect your reputation and your growing client list, as well as ensuring your future as a company.
You may think your business is too small for cybercriminals to bother with, but that is wrong - 43 percent of cyberattacks are aimed at small businesses and can cost a company $200,000.
So if you want to keep your startup thriving, here are five reasons why cybersecurity is important to your growth.
When your business is just getting off the ground the last thing you need is to be hit with the financial costs involved in dealing with a cyberattack.
You are also just building up trust with your customers and reports of a breach could undo all your hard work and have a detrimental effect on your reputation.
As a new start-up company, breaches are a major hindrance, with 71 percent of business executives claiming that risks and threats impede their company’s innovation.
Dedicating time and resources to harnessing strong security can allow your business to develop uninterrupted and get ahead.
While cybercriminals are reaping the benefits of advanced technology, there’s no saying that you can’t either.
Safeguarding data involves using highly intelligent software which could support your company in areas beyond cybersecurity.
Tapping into the latest innovation can help startups be more responsive to vulnerabilities and threats and become more relevant in the market, thus driving growth.
Improve data and analytics
Keeping business data safe and secure means keeping it centralized. Any intrusion or loss of data can hinder your startup in terms of evaluating performance.
A strong cybersecurity force makes it easier for business leaders to manage and analyze performance data to gain a clear view of company performance.
This lends a hand to business initiatives allowing leaders to identify gaps in performance and optimize various methods like sales and marketing to improve and advance.
The growing threat to cyber safety can act as a significant barrier in company progression.
Business leaders feel reluctant to pursue digital ventures due to the risk factor, with 39 percent of companies halting or abandoning digital initiatives. Investing in excellent cybersecurity eradicates this overwhelming concern and allows you as a startup to explore new possibilities and power ahead.
With digitization comes the ability to analyze reams of data, boost agility and avoid downtime - all elements that help you grow.
For 56 percent of business leaders, cybersecurity is still seen as a ‘cost of doing business, but there is so much more to be gained. Instead of taking a defensive approach and being governed by fear, business leaders are encouraging startups and companies to see cybersecurity as a driver of business value, something that inspires innovation and digitization and gives your business a competitive advantage.
With this positive, proactive approach to cybersecurity, you have a chance to set your business apart, and drive growth.