Did you know that the average data breach leads to $4.24 million in damages?

That’s no small number, especially for small businesses. Cybersecurity issues can lead to loss of revenue, loss of customers’ trust, and in some cases, the closing of your business.

Can you afford to lose over $4 million in damages?

If you’re not aware of upcoming cybersecurity threats, you might not have a choice.

What are the key cybersecurity issues businesses will face these days? Here are the cybersecurity issues you need to be aware of.

Budget Cuts

With ongoing layoffs in the tech industry (sometimes thousands at a time at bigger corporations), continued layoffs and slashed budgets due to recession concerns could pose a risk to business security.

Security budgets and staff may not be the first cuts when it comes to a company downsizing, but that doesn’t make them immune to spending cuts.

That could mean doing more with less – and hoping that everything still works. That extra work could also lead to employee burnout and turnover.

Staffing and Knowledge Shortages

The IT cybersecurity segment is no stranger to staffing issues. Hiring and retaining qualified employees is going to continue to be a struggle for many businesses. It’s a numbers game, and there simply isn’t enough staff to go around.

It’s no exaggeration or myth. But how big is the issue?

Currently, there are over 600,000 vacant cybersecurity positions, across both government and private organizations. That number is only expected to grow.

That’s why so many businesses, especially small businesses, choose to partner with a managed services provider, who has the qualified staff required to keep businesses safe.

Increased Cyberattacks

Continued cyberattacks shouldn’t be a surprise. Expect them to continue and increase, along with costly data breaches.

Ransomware attacks will also increase. Ransomware is a type of cyber attack in which an attacker infects a victim’s system and holds their data for ransom.

Increasingly, ransomware attacks are also targeting backup repositories. Unless a business has multiple segregated backups, some of which are off-site, they are in serious danger of ransomware. Network cybersecurity isn’t enough – your off-site backups must also be safe.

Some of the expected increase in attacks is due to businesses’ increased reliance on third-party apps and software. However, white-collar employees and their employers aren’t the only ones at risk.

More manufacturing and industries are using supply chain software for asset tracking, inventory management, and status monitoring for field equipment.

Cybersecurity Issues Never Stop

Cybersecurity issues aren’t going to disappear anytime soon. Any business is at risk of being brought to a halt – and possibly ruined, by bad actors.

Luckily, you don’t have to face 2023 alone. ITX Tech Group can help.

We offer managed IT and cybersecurity solutions for businesses throughout the United States, and are more than capable of helping you successfully navigate business security and IT issues.

Connect with us for a free consultation to get a customized managed IT service plan for your business.