Cybersecurity is an industry on the rise given the ever-evolving online era we’re living in. With sensitive personal and business information being stored on mobile phones, apps, and across the internet, now more than ever it’s important to protect you and your business from cyberattacks. Learn why you should be investing in cybersecurity for 2021 in this article.
What is cybersecurity?
It happens every day – employees fall for phishing and open emails from unknown senders. They leave their computer open and unattended, or print sensitive information and leave it on the printer. These things happen, but if it’s happening in your company, it may be a major problem for your online security.
Cybersecurity refers to the practice of protection and prevention of theft, damage, or tampering of internal information. Often, cybersecurity measures provide a protocol of detection, investigation, and remediation to ensure proper cyber-defense. Since data has become one of the most valuable resources in the world, we need to take protecting it seriously. The good news is that investing in cybersecurity can safeguard your data and ensure that any system vulnerabilities are secure – keeping you, your company, and your clients safe.
Cyberattacks have evolved from minor IT problems to PR nightmares. With internet crime rates at an all-time high, it’s time you thought of leveraging cybersecurity for your enterprise. Yearly advancements in tech are essential for company growth and revenue, but they may open the door to an increased risk of data theft, cyberattacks and other forms of security breach.
How cybersecurity can protect your business
Modern consumers feel safe transacting with businesses that have a track record of protecting them and their information. Loss of critical data can be detrimental to a company’s reputation and severely injure client and partner trust. That’s why investing in cybersecurity can give you a comprehensive edge in staying protected. Consider the following tips to maximize your digital security efforts:
Cybersecurity products and services
Cybersecurity resiliency may depend on how robust your cyber defense portfolio is. Incorporating a cyber resilience strategy can not only prevent potential attacks but also minimize the impact of successful breaches to ensure your company can operate as usual, and your data is safe from unauthorized eyes. Products and services that could benefit your organization include vulnerability scanning, content security tools, and ransomware tracking, protection, and investigation services. Top-tier cyber threat intelligence professionals will be able to prescribe techniques and procedures that are best suited for your company.
Training your employees on security awareness
A number of factors play into digital vulnerability including the rapid digitalization of information storing tools, online communication and collaboration, as well as the large-scale shift to remote work during the COVID-19 pandemic. All have increased the potential of sensitive information being accessed. However, it’s important to note that the majority of cybercrimes rely on the deception and manipulation of human error. While many employees may know how to spot social engineering tactics, we can’t assume that every employee knows and understands IT security best practices.
This is where employee training really comes into play. Training your employees to spot phishing and link scams, monitor any unrestrained web browsing, rectify bad password habits, and eliminate vulnerable document processes can greatly increase the protection of your organization. All of these habits can be changed with the right kind of education, awareness and policy.
Investing in cybersecurity
Deciding on whether to hire a cybersecurity agency or build an in-house team of cyber defense professionals is an important decision when considering your company’s protection strategy. What both in-house and outsourced cybersecurity have in common is that they offer the ability to develop a comprehensive cybersecurity plan that is unique to your business.
Hiring an in-house security team allows management to maintain control over security initiatives, and with experts on staff, any issue can be handled quickly and seamlessly. In-house staffers may also have a better understanding of the business and day-to-day operations. This gives them a heightened sense of how the organization may be impacted when it comes to technical changes.
However, building in-house cybersecurity takes time. From recruiting, training and retaining, the process can be lengthy. But if you’re looking for protection fast, a cybersecurity agency has the bandwidth, infrastructure and expertise to leverage their extensive knowledge with a quicker setup than starting from scratch. A dedicated security team will be monitoring your network around the clock. Although they won’t be housed in the same office, agencies provide state-of-the-art technologies that provide a high level of security for your company, employees and clients.
Whatever route you take to protect yourself against cybersecurity attacks, attack prevention can get costly. That’s why having resources available to add staff or trained professionals at an agency can be beneficial to any business — big or small. But as a small business owner, that extra working capital may be harder to come by. There are, however, options and alternatives to secure the funds needed to better protect you and your small business.
Financing to help with payroll or hiring a cybersecurity agency
Ramping up on cybersecurity may not always be an easy feat. You may be wondering where and how to get a small business loan or other type of financing. And depending on how expansive you want your company’s protection protocol to be, these loans or other financing will offer the most ease and flexibility:
Term loan: A term loan is a monetary loan that is repaid through a set of small payments over the course of a set of time, which can be attractive for a growing company. Term loans are a great vehicle to increase capital, but you may need to provide a bit more paperwork upfront that shows a history of success. Since these loans are paid back over the course of 1-20 years, lenders need reassurance that you have the ability to meet payment deadlines. Term loans can be a great option to consider when expanding your company to house a full-service IT Security team or hiring an experienced agency.
Line of credit: A line of credit is a flexible lending option that provides your company with access to capital on a need-to basis. Once your company has been approved for a set amount, you have the ability to draw from it whenever it’s necessary. This option provides you with the utmost flexibility when it comes to financing. Whether it’s helping with payroll, or outfitting your team with the latest and greatest cybercrime fighting tech, obtaining a line of credit may be the best option for you.
Both a line of credit and term loans do not require a down payment to generate the loan. These are also known as unsecured business loans. Without the added hurdle of fronting capital, the process is typically quick and simple.
When it comes to hiring a contract employee to help with your cyber protection plan, these financial products might offer more added flexibility:
Merchant cash advance: A merchant cash advance (MCA) allows small business owners to capitalize on an access of funds in exchange for a portion of the business’ future credit card or future revenue receivables. Rather than having a fixed payment schedule, payments are made based on credit card sales. Because there’s no set payment schedule, MCAs can be a flexible option to consider.
SBA loan: A Small Business Administration Loan (SBA) is a loan program that is administered by the Small Business Administration, which works with other financial partners to provide small businesses access to working capital. Companies that have needs such as expansion, payroll, and evolved technology should take advantage of the longer terms and lower interest rates of an SBA loan.
Business credit card: A business credit card can provide transactional ease when purchasing, invoicing or providing funds for your business. A business credit operates in a similar way as a traditional credit card – the difference tends to be in the benefits of purchases that business owners tend to make. Business credit cards can easily be used for outsourcing talent and upgrading your protection plan.
As technology evolves, so does the sophistication of cybercriminal activity. It is no longer a question of if your company may fall victim to a cyberattack, it’s when. So, make sure your company is ready and able to respond to online assaults when they come. Cybersecurity is vital for every industry, large or small – depending on your financial situation, there are alternative solutions that will help provide the capital you need to keep your company, network, and employees safe from cyberattacks. If you have any questions regarding alternative financing, call a Rapid Finance business adviser today at: 877-252-0827.