When thinking of security breaches, major corporations likely come to mind. However, 43% of all data breaches involve small and medium-sized businesses (SMBs). And since 83% of SMBs are not financially prepared to recover from a cyberattack, the consequences of these attacks can be devastating. Depending on your business, there are various steps you can take to protect yourself, starting with implementing the NIST cybersecurity framework.
Whether you implement simple suggestions, such as keeping stored data safe during a power outage, or invest in the techniques and tools you need for things like data encryption in the cloud, these small steps are essential for business success. They can even help you save money.
What Is the NIST Cybersecurity Framework?
Although a fairly complex topic, the National Institute of Standards and Technology (NIST) cybersecurity framework at its simplest, is a set of standards, best practices, and recommendations that help organizations improve cybersecurity measures.
The goal of this framework is to address the lack of security standards that lead to widespread attacks. As businesses learn to better understand, manage, and reduce their risk, protecting both their network and data, this can improve their bottom line.
After all, being hacked can drive up costs, destroy profits, and even land small businesses in a legal mess.
You can learn more about the five key functions, including identify, protect, detect, respond, and recover.
The Link Between the NIST Cybersecurity Framework and Company Growth
The NIST framework suggests the steps businesses should take to improve cybersecurity, regardless of sector. This means that small businesses that face limited cash flow now have options. They are provided with the guidance and tools they need without incurring a direct cost.
The NIST framework itself is free and when taking appropriate action, this framework could not only save businesses money but could save the company. Implementing the suggestions, especially in terms of employee training and technology, will cost money upfront. However, these expenses are an investment in greater productivity and company growth.
And then there’s the risk of a potential breach. Whether companies face operational disruptions or fall victim to intellectual property theft, the costs are significant. Sadly, 60% of small businesses that suffer attacks end up collapsing within six months. Even if a business survives financially, the reputational damage can make it challenging to recover.
Protect Your Business Today
By complying with the NIST cybersecurity framework, you will lower cybersecurity costs associated with a potential data breach. Investing in cybersecurity now is an investment in the future of your business.
Contact Envision Consulting to minimize your risk today!