While much of the media attention around cyber security has been centered on large chains, we’re learning that it’s top of mind for small business owners as well.
Here is the SurePayroll Small Business Scorecard survey results for August 2015, in infographic:
According to the SurePayroll Small Business Scorecard survey, 60% of small business owners said they are concerned about cyber security – to the point that they’re taking action to prevent their data from attacks or breaches.
Protecting Customers
Many told us they are using firewalls, offsite servers with security protection, multi-factor logins, encrypted emails and stricter password rules in order to securing their businesses better.
The concerns are serious enough that the vast majority of small business owners (85%) said they would be willing to slightly inconvenience customers to protect their data and privacy.
Changing Laws, Changing Marketplace
It’s important that small businesses are focused on this area as 47 states have recently required companies to notify people of security breaches related to information that identifies individuals, according to the National Conference of State Legislation.
Meanwhile, 78% of small business owners are changing the way they do business to account for a more online, technology-based marketplace. This is an increase from 70% a year ago. As more business is done online, cyber security measures will become that much more critical. It’s no longer a suggestion; it’s a must-do, regardless of your company’s size.
Smaller companies are mitigating some of the costs that may be associated with this by outsourcing to software as a service providers – whether that be for signing contracts, running payroll or content storage.
Subscription services allow small businesses to take advantage of the technology offered by bigger companies at a reasonable cost.
Trust
Ultimately, it’s a matter of trust. Business owners need to have the confidence of their customers and their employees when it comes to how they manage their data.
It’s great to see the small business community is taking proactive measures on cyber security, rather than waiting for something to happen.
The more confidence people having doing business with you, the less likely they are to go to a competitor. Employees, too, want to know that they’re part of a forward thinking business when it comes to security.
While the Internet has opened up a whole new set of possibilities for small businesses in terms of the way they’re able to market and sell products and services, unfortunately it’s also opened the door to new risks.
And things are changing rapidly. Technological savvy and awareness of how these changes are impacting your business will be crucial going forward.