Many people think that having a secure network does not affect their bottom line. In fact, the opposite is true. The less structure of a network that you have, the more at risk you are for fraud and data loss. Both of these factors can cost companies thousands of dollars quickly, and without warning. Investing time and energy into keeping your network secure is a wise decision, and nowhere near as difficult as it might sound.

Fraud is the biggest way that network security can impact your bottom line. Fraud usually presents itself in the form of network hacking, made possible through the use of poor security measures. Even if your business doesn’t house confidential information like credit card or social security numbers on your local network, you likely maintain other proprietary information and employee records that can easily be exploited.

If hackers were able to extract the names, addresses, phone numbers and dependent information from your employee’s electronic W4 forms, your company would be responsible for providing additional security and protections for the individuals at risk. The cost of post-breach cleanup is much higher than that of implementing and maintaining strong network security in the first place.

Data loss is another aspect of network security that shouldn’t be overlooked. Every file on your company’s network should be backed up and stored securely in an offsite location. In the event of an office fire, flood, or other natural disaster your company would surely be turned on its head without your existing records. It is estimated that the average cost for any major data loss is over $200 per record. If even one database is corrupted or compromised, it can cost an organization hundreds of thousands of dollars in recovery costs and fines — unless, of course, there is redundant data stored in a cloud backup or other system.

Working with an IT company that specializes in network security can help you protect your bottom line. CCR Technology Partners works with companies to reduce their exposure to hackers and unexpected data losses. Contact us today to learn more about how we can help you protect your business.