How You Protect Your Data Will Determine Customer Success

No deadbolt, security code, or infrared camera can stop data breaches. To protect money, time, and resources, small- to medium-sized businesses (SMBs) like yours are turning to software security solutions to keep valuable data secure. The global cyber security market is expected to grow from $173.5 billion in 2022 to $266.2 billion by 2027. The increased number of data breaches worldwide and the need to reduce vulnerabilities in complex cyber networks are driving growth in cyber security markets.

With many home building suppliers modernizing their business and expanding into ecommerce, the security of their business and customer data needs to take priority. In fact, cloud security represents 48% of all cyber security strategies in the ecommerce industry.

How Your Business Can Be Affected

Sadly, modern hackers, thieves, and dark web deviants have all kinds of ways to steal your precious data. They are skilled at gaining unauthorized access to devices, networks, programs, and valuable data like credit card and personal information, which causes server failures and downtime. When a server fails, hackers run off with valuable data, and businesses come to a screeching halt. Lost time means lost money, and repeated downtime can cause customers to look elsewhere for their needs.

According to recent data, 81% of global organizations experienced increased cyber threats with 79% experiencing downtime due to a cyber incident during a peak season. Every year, data attacks become more sophisticated, numerous, and devastating. Worse, many target small- to medium-sized businesses that represent the backbone of America’s entrepreneurial middle class. According to a U.S. Small and Medium-Sized Business Report by IDC, 71% of cyber-attacks target small businesses. Have you protected your business against online threats?

The harsh reality is that businesses don’t always protect their data as much as they could and should. In-house servers are inherently too fragile and susceptible to failure, leaving your critical business data at risk. Properly protecting your data can be a full-time job and many SMBs just don’t have the internal resources to manage it all.

One of the best ways is to provide customers with a safe and secure checkout experience by leveraging the many security benefits of the cloud. One of the biggest advantages to SMBs is the ability to lean on a team of Cloud experts to manage the entire infrastructure so your IT team can focus on other areas.

Businesses that embrace cloud software solutions as protection against data breaches increase their chances of survival. Take Hickory Home and Garden out of North Carolina. Before moving to a cloud software solution, they fell victim to a ransomware attack, taking and encrypting everything that was on their local computers and external backup drive. The company instantly took action to move to a cloud environment and within two weeks, they were live again.

“Before we moved to the cloud, I would always have to go in early or stay late to do software updates and other maintenance,” said Aaron Poland, another veteran with over 20 years at the company. “But now that’s a thing of the past. Not only do we have more time to spend on what’s important for the business, but now we can be confident that we’re protected against ransomware attacks, spyware, viruses, and all the other online threats out there.”

The right cloud software solution will enable your business to avoid malicious attacks affecting customer satisfaction and business performance. It will also speed up your supply chain processes, ensure secure and seamless transactions, increase scalability, sustain competitiveness, and reinforce your key marketing campaigns. You will rest easy knowing your data is protected and stored within a secure location, all without sacrificing profitability.

What You Can Do About It

Whether in the lumber, hardware, or building supply industries, choosing the right software will help you build a safe environment for your customers, stakeholders, and staff. There is nothing more valuable to your business than data, which is why it’s the number one target for cybercriminals. Companies must adopt cloud solutions to protect sensitive customer information from hackers. This applies to industries that store inventory, customer information, and accounting information, as well as those that accept payment virtually.

Cloud software stores data in large, off-site data centers maintained by technology experts, making it less vulnerable to cyber-attacks. These systems deliver stronger protections against all threats—from malware and phishing to password and denial-of-service attacks—than if a small business was to attempt to implement these on their own. In the event of any attack, your provider will work with you to maximize your opportunity for complete data recovery.

If you have an ecommerce platform, accepting payments online may also be of concern but cloud software vendors often work with payment processing companies to deliver secure solutions. Some will integrate with your business management solution seamlessly while storing and protecting important credit card information offsite in a secure vault. This reduces your business liability and keeps all data safe.

Want to learn more about trends you need to know? Check out our recent blog post on “the importance of ecommerce” and our quiz on how well you’re protecting your data.