Importance of application security for small businesses

The internet has made the world smaller! It allows businesses, patrons, partners and vendors across the globe to collaborate virtually. Be it cloud computing, corporate emails or maintaining a website, cyber security should be part of every business’ plan.

Big names are on the hit-list of the hackers, but small businesses aren’t safe too. Even if you aren’t the owner of a giant business house then too your virtual business is vulnerable to the hacks and viruses. The statistics  indicate that being soft targets small businesses are more prone to cyberattacks.

 

Risks for small businesses-

A study has shown that 43% of cyber attacks target small businesses and the reason for last year’s attacks was the emergence of “work from home”. All the internet connections are not too secured to keep the company’s data safe. Now if your company’s data is hacked then the risks include:

• Your reputation would be damaged in the eyes of your customers and investors.
• Loss of important data of your customers, employees, and company.
• Loss of money due to cyber-attack and ransom that would be demanded by hackers.
• You will lose precious time while recovering the data thus damaging productivity.
• Maybe your company will be penalized for not taking safety measures for your application.
• And the worst fear of every company owner, your company can be closed.

Benefits of application security-

If you are an owner of a company then you must have an application as it increases the chances of getting more customers and investors. Due to this mentality, every company has its application so it is better to protect your application from attacks. Some of the benefits are given below,

• It will improve the “Trust factor” of customers, which will benefit you in the future.
• Most importantly it will reduce the risk of cyberattacks.
• It will protect your customer’s and company’s data.
• Improve your brand image.
• Will safeguard you from any penalization.

Real data proofs of cyberattacks-

• In 2019, ransomware attackers demanded $13,000 to release encrypted files.
• Due to cyber attacks, companies had to pay an average of $53000.
• 1 out of 99 emails are Phishing emails and 30% of the time it is opened by us.
• Small businesses are prone to credit theft as well.
• New data breaches hiked by 424% last year, and that is threatening for all company owners.

Ways to Improve your application security-

Now you know all the facts, risks, and benefits of using application security and we will move on to the solution of this problem-

• There are many types of cyberattacks and to know each of them and their respective risks you should educate yourself first. Some of them are phishing, SQL injection, Zero-day attack, etc.
• Educate your employees! You can suggest them to use a strong password, not open doubtful emails, not ignoring company security guidelines.
• Perform security testings of all kinds to ensure the utmost safety of your application, such as client-side application security, Network Security, System Software Security, Server-Side Application Security.

Hope this article helps shed some light on how important it is to keep your business safe and secure!

Stay safe!