IT Security for Small Business
Small Business are not resistant to shocks, the Federation of Small Business advise that every year 50,000 small businesses close due to late payments but there are other threats that can result in not even being able to manage payments or cashflow.
IT Security for small business will always be a challenge as SMEs need to balance the risks of a cyberattack with things like late payment. Cash in the bank is central to any business, but what about downtime caused as a result of IT Security failings?
Even a few days of downtime could cause the loss of clients and a significant enough impact on your cashflow to affect whether your business is a going-concern. Reputational harm is a key concern for established businesses which want to retain customers in increasingly competitive markets.
Thankfully, there are ways to prevent the worst work of cyber-criminals.
Cost-effective IT Security
IT Security need not be expensive, in fact Hayachi Services’ partners are our favourites – and work closely with organisations such as the FSB to deliver for small firms across the UK and beyond.
Focussing on capabilities is important, as otherwise your business may buy a fancy toy that you’ll never use. We’ve seen this with certain academic institutions who buy very powerful intrusion-detection systems but lack the resources to use them as intended.
Expertise is expensive, so instead focus on Managed Security Services that will come at a fraction of the cost – be it a Security Operations Centre or award winning Endpoint Detection and Response solutions. They also carry modules that save you money with things like Patching (updating) systems, that some providers would charge you for.
When it comes to larger investments in your IT Security such for Network Security you should treat it as a project, build a Roadmap and take a lease out for the purchase to minimise the impact on your cashflow. It’s often cheaper to lease than buy outright and allows a growing small business to benefit from the returns of investment good IT Security brings to a business.
If you are an FSB Member you will have access to hundreds of Financial Services firms to accommodate leases, and a Roadmap will demonstrate that you’ve thought about the purchase and your expected returns from it which will be well received. If you aren’t interested in leasing then make sure you can afford the purchase and configuration of your firewall.
If you are a single self-employed professional, or just starting on your journey we would also highly-recommend joining IPSE specifically because they also offer Cyber Insurance. This means that in the event of an incident you will be able to recoup your expenditure and lost business. IT Security for small business doesn’t have to be complicated but it does have to be planned for.
Saving the costs of a cyber-attack often comes down to planning and you don’t need to do it alone, we are always happy to run a Discovery Session to find out what your goals are and how best to achieve them.