Think your small business can thrive without the latest tech? Well, you may be surprised to learn that upgrading your business tech can not only help drive profits, but it can also help your small business survive in the modern economy. That’s because there are some tech investments that small business owners simply cannot skip if they want to protect the reputation and success of their startups. To give you a better picture of what these must-have tech investments are, here are three of the basic tech steps every modern business needs to take.
Compliance With Data Privacy and Protection Laws
Is your business compliant with the latest General Data Protection Regulation policies from the EU? If not, or if you’re not even sure what the GDPR means for your small business, you may want to pay special attention to this essential tech update. Even if you operate within the United States, if you market your business to people in the EU via the web or other means, you must take the necessary steps to bring your data privacy practices in line with GDPR standards. Those standards include making sure that consumers’ private data is properly stored and protected, as well as performing regular Data Protection Impact Assessments to stay aware of potential risks to customer data. One of the most pivotal parts of the GDPR, however, deals with data breach notifications. Adhering to data breach notification regulations is important for businesses that operate primarily stateside as well, so investing in upgrades to bring your business up to GDPR standards could be well worth it. Since similar US policies may soon be enacted, at least investing the time into learning more about GDPR and data privacy policies could help put your business ahead of the curve when it comes to this crucial tech need.
Further Protections Against Online Threats and Breaches
Focusing on network security for your small business is always a smart move, regardless of current data privacy laws in your state. That’s because one successful cyber attack could cost your business anywhere from $84,000 to $148,000, and could even sink your business entirely. In fact, up to 60 percent of small businesses that have been targeted by a cyber attack end up going bankrupt within six months of that attack. Despite these grim statistics, 90 percent of businesses are still not using protection to safeguard private business and customer data.
If you want to avoid this mistake and avoid seeing your small business go under, investing in updated network security measures is a must. Best practices as a small business owner include staying informed of the latest online attacks, but you can also implement certain tech upgrades to provide additional layers of protection. Those upgrades include utilizing a firewall, installing antivirus software on all devices, and ensuring that any WiFi connections are properly secured.
Secure Payment Processing Options for Business Websites
Another essential data protection action that small businesses cannot afford to miss is using secure payment processors. Security should always be a top priority when selecting a company to process credit card payments, but also check out factors like transaction costs and checkout abilities to find the best payment investment for your own small business. The payment processing option you choose should also be simple for customers to use and access on your small business website. User-friendly features like this can help drive more traffic to your website and create more profits for your business, so definitely take the time to incorporate other helpful elements into your small business site such as contact forms and product guides. If you need to revamp your small business website before you add secure payment processing, know that this can be a simple tech investment, especially when you use top website builders.
Picking up new smartphones or new computers for your startup may be optional, but investing in the latest tech to protect your business is not. When it comes to online security and customer trust, one small mistake could cost you everything. Don’t let fears about overspending tank your small business. Invest in some basics, so that you can keep your business dreams afloat.
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