October is National Cybersecurity Awareness Month, and there's no better time to remind business owners of the importance of cybersecurity. In today's digital age, it's more important than ever to make sure that your business has the proper cybersecurity measures in place to protect your data.
Here are three reasons why you should care about cybersecurity and what you can do to reduce your risk.
1. Data breaches are becoming more common.
In the past year alone, we've seen some of the largest data breaches in history, with companies like Yahoo!, Equifax, and Target falling victim to hackers. A data breach can not only cost you customers and damage your reputation, but it can also be expensive—the average cost of a data breach is now $3.86 million.
2. Small businesses are especially vulnerable.
According to a study by Symantec, 61% of cyber attacks target small businesses. That's because small businesses often lack the resources and budget to invest in proper cybersecurity measures. Hackers know this and see small businesses as easy targets.
3. Cybersecurity is good for business.
Investing in cybersecurity can actually save you money in the long run by preventing costly data breaches. In addition, consumers are now taking their business to companies that they perceive as being security-conscious. In fact, 86% of consumers say they would stop doing business with a company after a data breach.
This Cybersecurity Awareness Month, take some time to assess your current cybersecurity measures and see where you can improve. Your customers and your bottom line will thank you for it.