In today’s highly connected world, the importance of network security is paramount for businesses of all sizes, yet 47% of small businesses have no cyber security budget.
But exactly why do we need network security?
Even a small breach can have a significant impact on your business, including financial loss, damage to reputation, and even legal repercussions.
In many cases, network security breaches can have such severe consequences that they cause the small business to cease operations completely, with 60% going out of business within six months of the incident.
In this blog, we will investigate the importance of network security for businesses and some best practices that can be implemented to ensure that your networks remain secure at all times.
5 Reasons Why Network Security is Important for SMBs
Here are the top 5 reasons why network security is important for SMBs, so let’s start with how network security protects your most essential and sensitive data.
1. Protects Sensitive Business Data
Why is network security important? One of the main reasons is that it protects your data and sensitive information.
Sensitive data can include anything from customer information, financial information, and confidential business records, which, if misused, could lead to identity theft or financial fraud.
Luckily, managed service providers (MSPs) can help protect networks with ongoing monitoring and maintenance of your network security systems, including:
- Intrusion detection and prevention systems
- And access controls
They can also provide regular security assessments to identify vulnerabilities and recommend strategies to mitigate risk and further ensure information security across your computer networks.
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2. Solidifies Customer Trust
Another reason why network security is important is because failure to protect your networks can lead to a data breach, which can result in loss of customer trust – something that is not easy to regain.
When you prioritize network security, you can demonstrate to your customers that you take their data privacy and security seriously.
This can help to build customer trust and loyalty, as customers are more likely to trust businesses that take steps to protect their data.
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3. Protects Against Cyber Attacks
Cyber attacks are becoming increasingly sophisticated, encompassing a variety of forms, such as:
- Phishing attacks
- Denial of service (DDoS)
- Password attacks
- Insider threats
- Unauthorized access
- And more
These cyber threats can cause significant damage to a business, including the loss of data, disruption to operations, and financial loss.
Cases can be so severe that the average cyber attack costs small business owners up to $2.98 million dollars in damage. Implementing network security best practices is essential to reduce the risk of cyber breach and protect against these threats.
Best practices can include using strong passwords, implementing multi-factor authentication, and using firewalls and anti-virus and anti-malware software. Regular software updates and security patches should also be applied to all devices connected to the network – which can be easily achieved with the help of an MSP or security analyst.
Check out these additional resources to learn more about the benefits of working with an MSP:
4. Creates a Culture of Digital Security
Employee education is another critical component of why network security is important, especially when considering that 88% of security breaches are a result of human error.
Employees should be trained on best practices for creating and managing passwords, identifying and avoiding phishing attacks, and reporting any suspicious activity from unauthorized users.
Additionally, they should be made aware of the importance of keeping software up to date and reporting any security incidents or breaches.
In encouraging your employees to ask the question, “why is network security important?” and learn network security best practices through proper cyber awareness training, this will help to create a culture of digital security and ensure your organization remains protected.
5. Maintaining Regulatory Compliance
In today’s digital age, acknowledging the importance of network security is not only a best practice – but a legal requirement.
Many regulations require businesses to maintain records and demonstrate that they have implemented specific security measures. Failing to comply with these regulations can result in significant consequences, such as fines, legal action, and reputational damage.
Regular security assessments and vulnerability testing can help businesses to identify areas where they may be non-compliant with regulatory requirements.
Why Do We Need Network Security? Main Takeaways
So, why do we need network security?
Here’s the short answer: the importance of network security lies in the fact that without it, it’s only a matter of time before your company will not be able to continue operating.
The consequences of cyber breach are so severe that they can cost your business everything from stolen information, reputational damage, legal repercussions, and significant financial loss.
In working with a trusted MSP like JCM Telecom, however, you’ll be able to remain safe from all of these consequences. As your business’s digital security expert, we can help you develop a cybersecurity plan and provide your team members with knowledge and support on network security best practices.
Having served over 5,000 customers and achieving an average cost saving of 40%, we can provide you with the network protection you need at a rate that makes sense for you – contact us today to learn more about how we can secure your networks.