Many businesses are still spending hours worrying about compliance, admin and the future. The benefit of having a Sage Business Care plan is that you'll have access to support. Providing this service to our users comes with a sense of responsibility, our teams have access to lots of resources which include partnerships with companies such as Microsoft.
Did you know that there are 4 technologies to keep an eye on? They include:
"These [big 4] will wipe out big companies if they cannot keep up" says author Tom Sibil, Digital Transformation: Survive and Thrive in an Era of Mass Extinction.
The stakes are huge, firms must adapt. Digital Transformation is a term that is increasingly being used. Defined as the application of a new step function which includes technology of cloud computing, AI, Big Data and IoT.
Since 2000, 52% of Fortune 500 companies have disappeared due to acquisition or bankruptcy, a mass extinction event in the corporate world. The good news is that there is a re-speciation, new DNA of companies emerging, big e-commerce companies like Amazon, Air BnB who are applying these new technologies. They both applied cloud computing and AI focused at retailing. These businesses have changed the way that products are designed, manufactured, delivered, as well as, how customers are served and businesses are managed.
Data is the fuel of AI, businesses with old data can seize the opportunity to change how they do business.
One of the latest episodes of the Security in Five podcast (listen to Episode 619 here) advises that acquiring modern cyber security for your small business is accessible. Even if you don't have a budget that you can allocate toward tech security you can still set up strong procedures and policies. There are freely available open source tools that can allow you to secure your business at the level that you need. As the business's complexity grows, you can add another level of security complexity.
When a data breach occurs, know that hackers might be targeting you. Most likely however, they'll use tech to automatically scan lists. A random scan by one of tens of thousands of bots out there is used to look for vulnerabilities on the internet (ex. open FTP servers, old versions of software or versions they know are vulnerable).
Of small businesses that are hacked, roughly 60% close within a year-- these are some scary stats! So a breach is a bankruptcy. Data breaches are an end of business type of event (ensure that you're insured against this*). The risk of being breached needs to be taken more seriously. In 2018, 90% of users aged 24-34 found that some of their personal information was found on scans of the dark web. Where from? Most likely from the smaller end of businesses out there with breaches who didn't have systems in place to protect data.
If you're starting a small business, protecting your data and having security as part of your business model as your startup costs or costs of doing business needs to be in your mindset. IT can't be the only team responsible, you as a business owner are.
"Security is a business problem, solved, supported and made efficient by technology but also through business process, business mentality ; so at the end of the day , it's a business problem, security is much more than digital assets."
To protect yourself or build a cyber security program with or without much expertise, start with:
Be aware and be safe / sage. There are plenty of solutions available to keep your small business's systems and data secure. If you need expertise, consultants are available to help guide you in building a program and culture to have you carry on implementing a security program. You can do it, not being able to afford this is not an option when one breach is all it takes to be out of business.
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