Data Breach Prevention: Handling Digitalization’s Nasty Side
The impact of data breaches on companies means that the constant evolution of business implies that startups, mid-sized companies, and enterprises will constantly get disrupted. Every advancement and innovation delivered will significantly position firms to improve their processes and operations. With the advent of all those technologies, digitalization holds an undisputed reputation as the most revolutionary business advancement.
It is rare to find a company that does not pursue digital transformation or is already using digital technologies in its system. After all, the benefits are tremendous and cost-efficient. Of course, businesses need to make a planned and carefully constructed effort to make digitalization effective for their specific needs. But that doesn’t take away that the advantages of cloud-based storage technologies and cybersecurity advancements aren’t hot commodities for every company. Digitalization is a significant step forward for all businesses, but with it comes a dark side.
Data Breach Prevention Impact on Companies
Digital migration can be exciting for businesses as the world shifts toward a remote work environment. Getting online access to business data and assets makes business operations more efficient, contributing to better employee productivity and business outcomes. In a competitive business world, transformation becomes standard procedure. Unfortunately, upgrades usually happen one step at a time. Despite the good intentions of digital transformation, it needs to remain protected by cybersecurity solutions on an equal level to the digitalization upgrades your company plans to make.
The primary goal of cybersecurity is simple: create strategies for data breach prevention.
Everything is online for businesses, including sensitive information, such as personal customer details, business leader conversations, financial statements, and human resources records. A data breach happens when those vital data get exposed and fall into the wrong hands.
It is not just a temporary nightmare where you can patch things up, and it will get solved.
Data breaches will haunt businesses in so many aspects. The implications that could harm a company suffering from a data breach are financial losses and business reputation damages, which offer potentially threatening pitfalls.
In 2020, companies based in the US suffered from 1001 cases, leading to over 155.8 million people seeing their data get exposed unwillingly. Sensitive information, including social security numbers, residential addresses, and credit card information, are prime targets for hackers.
Data breaches cost a lot of money when considering the damage control and repairs each company has to make. 2020 saw businesses’ average data breach costs reach 8.64 million US dollars. Multiply it to a thousand US companies, and you can see how much it can affect a country’s business economy.
No company is safe from the impact of data breach. Yahoo!, an established internet services enterprise, revealed that over four billion accounts were compromised in a span of four years.
Cyberattackers cost large businesses an average of 500,000 USD per incident every year, and they might get hit multiple times within the period. As a result, companies invest millions of dollars in creating a robust IT defense system for data breach prevention. However, protecting business data is a priority for every business, not just established enterprises. That necessity puts small companies and startups with limited funding and resources ripe for the picking for cyber attackers.
Preventing Cybersecurity Breaches for Small Businesses
Running a small business today usually means starting with digitalization immediately. The internet and its attached capabilities provide so many efficient features that it would be a waste not to take advantage. Startups, especially those with limited funding, will rely on digital programs and tools like cloud-based data storage solutions for their day-to-day operations. However, investing in data breach prevention will be as essential as onboarding those technologies for operations and non-essential functions. As a result, IT security adds to the overall expense tally. There are two ways to go about investing in protecting business data and digital assets: creating an in-house IT support team or seeking IT offshoring solutions.
In-House IT Team
An in-house IT department is beneficial for businesses because of every recruit you onboard will be familiar with your business, employees, setup, and operations. They will be present in the commercial establishment, making it easier to communicate whenever problems arise. The first step would be to hire a qualified IT director who will learn as much as possible about the business to create a strategic plan for the tools and equipment needed, the number of IT specialists required to perform, and the day-to-day routine that keeps businesses safe.
The benefits of an in-house IT department can be good for small businesses, but a few obstacles make the in-house strategy unappealing. First, setting up the team will be time-consuming. The time lost on recruiting IT personnel and training and onboarding mean that providing complete protection for business data will take time to progress before reaching minimum operation standards.
Hiring specialists also means that there will be instances where the skills and knowledge of the current team are not up to par with the security necessities of your business. Some software and equipment needs might also be costly, especially in a digital environment as complex as the IT infrastructure. Companies might have to procure several programs because each type of cyberattack requires unique and evolving solutions, even forcing IT support teams to invest in more advanced technologies.
The above-mentioned obstacles make establishing an in-house IT support team challenging for small businesses, leading them to IT outsourcing and offshoring services as more effective and cost-efficient alternatives.
Offshore IT Division
Offshoring cybersecurity has plenty more advantages for small businesses than in-house, especially when you find out that 58% of victims from malware virus attacks identify as small businesses and startups. Employee and business social media pages, Microsoft 365 accounts, and emails from companies with less than 100 people are high-value targets for phishers, preferred 350% more than workers from established companies.
Small businesses need to be fast when setting up operations, but security solutions have to keep up with the pace. Fortunately, offshoring IT services ensure your company has experienced personnel, diverse IT infrastructure, and a strategic approach for faster response to cyber threats to your valuable business data and assets.
Offshoring also provides a far more cost-efficient route than hiring in-house teams for data breach prevention. You do not have to worry about paying for salaries and compensations while worrying about device and program procurement. With an offshore IT team, you only have to pay for the services and the technology.
Conclusion
With digitalization, small businesses will benefit from accelerated growth and development, with most startups gaining steam faster than established companies did decades ago. However, cybersecurity needs to be taken seriously to ensure your company’s protection is up to par with its progress. However, it is recommendable to establish IT security earlier to ensure that cyberattacks and people with ill intentions do not ruin the venture you worked hard to build.
iSupport Worldwide recognizes the resilience and passion of entrepreneurs in setting up small businesses. The US-owned offshoring firm in the Philippines positions itself as a reliable and strategic business partner for small businesses looking to make a lasting impression in the digital aspect of their respective industries.
The IT professional landscape in the Philippines continues to develop, producing over 90,000 IT graduates annually. Small businesses in the US, Australia, UK, Japan, and other business developing countries can benefit from a low-cost and highly talented offshore IT team when partnering with the modern offshoring company. iSupport Worldwide also offers world-class IT support services, ensuring that your offshore team will receive all the assistance needed to provide tailored solutions for your cybersecurity needs.
iSupport Worldwide also recognizes the importance of time for small businesses when pursuing growth. It is why the company implements a strict and effective routine that will get you a shortlist of qualified candidates in under 30 days. Do you need a cost-efficient and high-value cybersecurity division to help your small business ward off the evolving cyberthreats threatening to disrupt your progress? Book a meeting with us!