An information technology (IT) department is vital to just about everything a company does. It facilitates market research, advertising, sales and more. IT tools can locate potential customers on social media and target them with ads, and they allow for video conferencing, webinars and other forms of virtual communication.

Ransomware attacks aren’t new, but they are becoming more prevalent. This year, they are rocketing to the top of the list when it comes to cybersecurity threats. The 2017 Verizon Data Breach Investigations Report — now in its 10th year — shows a troubling trend: Malware attacks have increased by 51 percent in businesses around the world, and the fifth most common type of malware is ransomware.

Every company has data that is valuable to someone, and that means every company is at risk for data theft. It isn’t a question of “if” – it is a question of when the next attack will occur. Unfortunately, the most common method of gaining access to sensitive information is through your employees.

Small business owners have to wear a lot of hats, from handling core operations to managing staff members. It is easy to let IT concerns fall by the wayside, especially when making needed updates requires time and money. However, ignoring the need for business IT support costs far more in the long run than completing tasks on-time - and the true impact is often broader than the initial cash outlay required for repairs.

Each year, organizations of all sizes become victims of a data breach, and the financial losses are staggering. A recent study sponsored by IBM puts the total expenses per incident at $4 million, with a per-record cost of $158. This is an increase from previous years.

Digital technology has transformed the business world, allowing companies of all sizes to take advantage of greater speed and efficiency. Advanced data gathering tools make it possible to compile detailed information on consumer preferences and production capabilities, so leaders can deploy resources in a strategic, cost-effective way.