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At Kerry Lehane & Co we know in today’s digital economy, cybersecurity is no longer just a technology issue. It is a financial one. A single breach can result in significant costs, from direct theft of funds to reputational damage that drives customers away. For small and medium-sized businesses, the financial impact can be severe enough to threaten long-term survival. Protecting your data is, therefore, an essential part of protecting your bottom line.

The Financial Risks of Poor Cybersecurity
Cyber attacks can take many forms, including phishing scams, ransomware, and unauthorised access to sensitive information. Beyond the immediate loss of money, businesses may face regulatory fines, legal costs, and compensation claims if customer data is compromised. There is also the indirect cost of downtime, where operations grind to a halt while the issue is resolved. Even once systems are restored, the damage to trust can have lasting effects on revenue.

Building Strong Cyber Defences
The first step is to identify the data that would cause the most harm if stolen or exposed. This often includes customer information, payment details, intellectual property, and internal financial records. Protect this data with layered security measures such as firewalls, encryption, and two-factor authentication.

Regularly updating software is critical. Many breaches exploit vulnerabilities in outdated systems, so keeping all programmes and devices current is one of the simplest ways to block threats. Employee training is equally important, as human error remains a leading cause of breaches. Staff should know how to spot suspicious emails, use strong passwords, and follow secure data handling procedures.

Planning for the Worst
Even with strong defences, no system is completely immune to attack. Having a clear incident response plan can significantly reduce financial damage. This plan should outline how to isolate affected systems, notify stakeholders, and recover operations quickly. Regular testing of this plan ensures everyone knows their role if a breach occurs.

Cyber insurance can also provide a safety net, covering some of the costs associated with recovery and liability. However, it should complement rather than replace robust security measures.

Cybersecurity as a Financial Investment
Protecting your business from cyber threats is not just a technical task. It is a strategic investment in financial stability and customer trust. By prioritising cybersecurity, you reduce the risk of costly breaches, safeguard your reputation, and ensure that your finances remain secure in an increasingly connected world.

If you would like to discuss your business needs. Call Kerry Lehane & Co Accountants on 023 8856054 or email info@kerrylehane.com

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