Small businesses play a crucial role in driving economic growth and creating opportunities, not only in local but also in national economies. To maintain their economic impact, small businesses must leverage every available asset. This is especially important in highly competitive and saturated markets where each dollar earned and spent counts.
As someone who has devoted their career and business to helping small businesses, I have developed expertise in deploying technology to help them succeed. By utilizing technology and helping small businesses implement the necessary tech solutions, we are propelling them into the 21st century, ensuring that their operations remain successful, safe, and secure.
Technology is driving innovation and change for small businesses. Between telecommunications services, point of sale software, web design, data security and IT infrastructure, having the right technology services integrated into a business can help owners streamline operations, grow and increase their revenue. As more and more small businesses pivot to the digital marketplace, data and financial security become increasingly more important as well. The right cybersecurity measures and leveraging technology to detect and deter hacks can make or break a business.
During Cybersecurity Month, we must recognize the importance of implementing the right technology tools to safeguard against hacks and cyberattacks. While a cyberattack on any business could be detrimental and costly, the stakes are even higher when talking about small businesses.
Small businesses account for 46 percent of all cyberattacks annually, costing a small business $25,000 daily. Despite this, only 14 percent of small businesses are prepared for a cyberattack. Small businesses must have access to the right technologies and cybersecurity tools to defend against these attacks.
America's technology companies are often the innovators developing these cybersecurity measures and defense tools, and they must be able to operate in an environment that allows them to keep pace with the increasing cyber threat. Allowing American technology companies to innovate and develop the tools and software to defend against cyberattacks and hackers will better prepare small businesses for attacks and protect every American whose data and security can be compromised in a cyber hack.
Regardless of size, shape, or industry, cyber hackers are targeting vulnerabilities, from small businesses to local school districts and regional hospitals. Earlier this month, the Rock County Public Health Department fell victim to a cyberattack. Tax information, financials and personal information were all compromised in the attacks.
Technology is the backbone of a strong cyber defense, and it's crucial that smaller businesses, regional hospitals and everything in between have access to these technologies. Securing our small and local businesses and communities keeps individuals' data safe and creates an economic impact on the local level, adding up to state and national impact.
Looking ahead, cybersecurity will only continue to become a more prominent topic of concern and discussion. To ensure business and customer data is secured and that small businesses are safeguarded against hacking and cyberattacks, policymakers on all levels of government need to support a strong U.S. technology sector and strengthen American technology companies' ability to innovate and develop cyber defense and data protection capabilities.
A strong American technology sector translates to secure businesses and small business success.
Paul Berning is the president of Growth Management Solutions, where he helps other small businesses find and implement technologies to grow their revenues and reach their goals.