How Business Cybersecurity Apps Can Boost ROI & Mitigate Risks

Picture this: You’re a small business owner who has poured your heart and soul into your company to get to where you are now. You’ve put in hours of hard work, made sacrifices, and taken risks. But what if all of that hard work and dedication were jeopardized by a single cyber attack?

Small businesses are, unfortunately, increasingly becoming targets for cybercriminals, and the results can be disastrous. But do not worry, there is a solution — cybersecurity software. A well-developed cross-platform app for your small business can lower costs and minimize risks. 

But let’s dive into the topic of security for business a bit deeper, to understand why applications of cyber security are a must in the modern digital age.

Understanding the Need for Cybersecurity in Small Businesses

Every small business owner has stumbled upon the headlines of cybersecurity breaches of enterprises, like Yahoo (2013 2014), LinkedIn (June 2021), Facebook (April 2019), Adobe (2013), and many others. These were the biggest data breaches of the 21st century affecting millions of users’ data. Thinking that good cybersecurity software is just a thing for enterprises, small businesses assume they are in the safe zone—which is a big mistake.

Let’s facts talk for themselves:

• 67% of the companies with less than 1,000 employees faced cyber threats
• 58% experienced breaches of data

But what makes small businesses a target? And is building cybersecurity really that important? Let’s start with a few key reasons why small companies are so commonly targeted:

• They want your valuable data (medical records, bank information, SSN, etc)
• They want to use your computing power for massive DDoS attacks
• They want to target your bigger partners
• They just want your money

As small companies don’t usually have resources for cyber security monitoring tools or entire teams for handling cybersecurity. It makes them easier targets for hackers. To feel secure in the present threat environment, small business owners must set up a solid security strategy. This degree of protection begins with a detailed awareness of the present threats:

• Phishing
• Malvertising
• Ransomware
• Clickjacking
• Drive-by downloads
• Software vulnerabilities

Companies of any size that neglects using cyber security tools are taking a huge risk. And it endangers not just reputation but also customers, suppliers, and partners.

Cybersecurity Best Practices: The Solution for Small Business Owners

It is crucial to take proactive actions to secure your business from cyber threats. The best practices for cybersecurity involve:

• Encrypting data
• Updating software
• Getting software cyber security
• Implementing cybersecurity applications
• Putting firewalls in place
• Teaching staff about security issues

By following these best practices, small business owners can lower the risk of cyber threats and safeguard their businesses from potential harm. But if you want to learn more about it, I can recommend checking out a few good articles:

1. From FCC
2. From Forbes
3. From Intel

Cost Reduction: The Impact of Cybersecurity on Small Business Finances

Protection of your business is a top priority of native-like cyber security apps. But there are some other perks of investing in good cybersecurity, as it has a big effect on finances. Although the initial investment in cybersecurity solutions may result in extra expenses, the costs associated with a breach may be much higher.

🔥The expenses of data breaches can be high. According to the research, businesses face an average cost of $2.98 million per breach.

Also, here are a few tips that can help you optimize your cyber security tool costs:

• Partner only with professional cyber security software companies
• Implement a zero-trust security strategy
• Focus on prevention, and not detection

To get an estimate for a cyber security application for your particular business contact us and book a free consultation.

Mitigating Risks: How Cybersecurity Protects Small Businesses from Threats

What is risk mitigation in cyber security product? It is security procedures and policies that are used to reduce the potential impact of cybersecurity threats. Risk mitigation methods can be broken down into 4 main parts: 

1. Prevention against data breaches
2. Prevention of cyber attacks
3. Compliance with regulations (GDPR and state regulations)
4. Maintaining customer trust

Investing in cyber security application or software small businesses can protect themselves from significant financial and reputational damage, which are a common result of cyber threats. Thinking ahead and taking care of your digital protection can potentially save you huge sums on restoring your business.

Maximizing ROI: The Long-Term Benefits of Investing in Cybersecurity

Investing in the best cybersecurity software for your business can have many long-term benefits. And one of the big ones is maximizing your return on investment (ROI). Here are a few long-term benefits you get with quality cyber security products:

• Protecting valuable assets. With cyber security software tools all your valuable assets like sensitive data, intellectual property, and info of your clients are protected. Therefore you prevent financial losses in long run.

• Keeping up to date with all industry compliances. Being in-tunned with any state and federal compliance is a must to avoid fines, and build a trusting relationship with your partners and customers.

• Getting improved productivity. Not many people think about it, but cyber security applications can reduce downtime caused by malware or cyber-attacks. Therefore, your small business is getting better productivity.

• Benefiting from increased customer confidence. Building client loyalty is a must for any business that wants to get a chance to grow and prosper. Investing in quality cyber security platforms for your business can take customers’ worries about security and privacy away, resulting in revenue increase and better ROI.

• Getting a competitive advantage. Clients choose companies that care about their clients, and demonstrating your commitment to data security will result in increased market share, higher revenue, and better ROI.

And these are not the only long-term benefits, but they are important ones that can provide an increase in the ROI of your small business. 

Cyber Security in blockchain

All companies should put cybersecurity a top priority, but the blockchain sector requires cyber security softwares more than any other. The foundation of blockchain tech is immutability, transparency, and decentralization. As a result, a transaction that has been recorded on the blockchain cannot be altered or removed.

This implies, however, that any security failure or hack that compromises the blockchain’s integrity could cause huge issues. The blockchain network’s trust and credibility could be easily shattered by hackers stealing money or altering transaction data. 

Along with these dangers, blockchain-based companies of any size are also subject to the same cybersecurity vulnerabilities as regular small businesses, including phishing, malware, and social engineering.

Thus, it is crucial to put in place robust cybersecurity measures and do a Smart Contract audit. You can’t neglect them if you want to stay safe from potential threats. Also, the quality of your blockchain solutions matters too. If you are interested in getting a secure application in the blockchain niche, OmiSoft blockchain development specialists have years of experience, tens of successful cases, and always prioritize security in application development.

Conclusion

As you can see cyber security apps or other forms of cybersecurity is a must in the modern digital age. They can not save you from potential loss of money, but also maximize your ROI, reduce costs, and mitigate risks. 

By partnering with our Eastern European development company, you can take proactive steps to secure your data, protect your reputation, and ensure the longevity of your business. Book your free consultation now, and we’ll help you explore all the opportunities for building cyber security for your small business.

By Dmytro Romaniuk

CEO & Founder

Mar 28, 2023

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