Entrepreneurs
Why No Entrepreneur Can Afford to Overlook Cybersecurity
Cybersecurity is essential. Click here to learn why no entrepreneur can overlook it.

You can’t escape cybersecurity.
There are tons of statistics we could give you that would show you why cybersecurity is so essential. Let’s give you a few:
- There were 2,365 cyberattacks in 2023
- There were 343,338,964 victims in 2023
- A data breach costs $4.45 million on average
- 89.7% of US businesses experienced a cyberattack in the last 12 months
Need we go on? Or is it already clear why no entrepreneur can afford to overlook cybersecurity, especially SMEs with a budget not even close to $4.45 million? That number obviously depends on the scale of the attack on the business, but you can assume that no matter what, it’ll be expensive.
Cyberattacks are more sophisticated than ever – hackers are perfecting their craft. In 2023, Cybersecurity Ventures’ report predicted that by 2025, global losses from cybercrime will reach $10.5 trillion annually compared to $3 trillion in 2015.
That was one final statistic to warm you up before the rest of the article. Read on to learn more.
The Increasing Threats of Cyber Attacks
The statistics in the introduction speak for themselves. And it’s not only big brands. SMEs are more vulnerable because they lack the financial backing to improve their cybersecurity posture, and, unfortunately, often fall afoul of the myth that SMEs are inherently less interesting to cybercriminals. On the contrary, the very fact that SMEs are less protected – and therefore a lot less expensive to infiltrate – means that they represent a very interesting prospect to hackers. With SMEs, it’s possible to take down a larger number of infrastructures – and extract more revenue – than with a single, well-protected corporation.
Yes, there are affordable methods like various VPN services, but it’s the entire cybersecurity posture businesses must look at – from incident response strategies to data storage. The US Small Business Administration (SBA) study showed that small businesses accounted for 43% of all hacked organizations, while less than 14% were well prepared for such an attack.
Before any sort of infrastructure can be put in place, SMEs first have to accept that they are very vulnerable. Even if they haven’t experienced a single attempt thus far, they represent sitting ducks to malicious third parties scouring the web for targets.
Financial and Reputational Consequences
Long-term implications for consumer trust and the organization’s reputation should be enough to scare anyone.
According to a PwC survey in 2023, about 85% stated that they would never consider buying any goods from companies they doubted in terms of their cybersecurity practices and effectiveness. In other words, if you look suspicious, they won’t shop. To be sure, most of us can name at least one or two brands that, despite their continued survival, have written themselves off as brands that we want to associate with.
Companies that have experienced cyberattacks may also face higher insurance premiums and growing legal expenses to remedy the attack – you saw the figures in the introduction. It’s not just about mitigating the attack itself, but about surviving the weeks, months, and even years that follow after it. Recovery takes far longer to sort out than prevention, if it is even resolvable at all.
Cyber incidents were also identified as the most dangerous business risks by 50% of company leaders surveyed by the Allianz Risk Barometer 2023, surpassing business interruptions. That reflects a change in how businesses perceive the financial and operational implications of inadequate cybersecurity.
Using Cybersecurity as a Competitive Edge
Let’s flip this and give you a positive.
Businesses can overcome the negatives through proactive investment in cybersecurity measures.
According to Cisco’s survey conducted in 2023, 91% of respondents strongly agreed with the statement that it was one of the factors that would make them think better of a company or not. And, with our awareness of cybersecurity and data management growing sharper than ever, consumer faith in well-protected, transparent companies is only going to gain importance going forward. This isn’t a trend set to die out in a few years. The entire future of the web is predicated on a more legitimate, more intentional approach to cybersecurity and protecting the data that businesses inevitably come across.
Entrepreneurs should first prioritize information protection over all other things. By doing so, they defend their assets and establish credibility. As a result, repeat purchases increase while brand loyalty strengthens. And, businesses demonstrating high standards for cybersecurity will find it easy to attract investors who want to safeguard their capital.
Do you think you can overlook cybersecurity? We think not. For entrepreneurs today, ignoring cybersecurity is no longer permissible. The result is literally millions in damage, and that’s before you even attempt to take into account the devastation of losing a large chunk of your customerbase. It’s not about rebuilding from scratch; it’s about building from negative zero.
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Struggling to keep your team engaged? Here’s how leaders can turn frustrated employees into loyal advocates.

In workplaces around the world, there’s a growing gap between employers and employees and between superiors and their teams. It’s a common refrain: “People don’t leave companies, they leave bad bosses.”
While there are, of course, cases where management could do better, this isn’t just a “bad boss” problem. The relationship between leaders and employees is complex. Instead of assigning blame, we should explore practical solutions to build stronger, healthier workplaces where everyone thrives.
Why This Gap Exists
Every workplace needs someone to guide, supervise, and provide feedback. That’s essential for productivity and performance. But because there are usually far more employees than managers, dissatisfaction, fair or not, spreads quickly.
What if, instead of focusing on blame, we focused on building trust, empathy, and communication? This is where modern leadership and human-centered management can make a difference.
Tools and Techniques to Bridge the Gap
Here are proven strategies leaders and employees can use to foster stronger relationships and create a workplace where people actually want to stay.
1. Practice Mutual Empathy
Both managers and employees need to recognize they are ultimately on the same team. Leaders have to balance people and performance, and often face intense pressure to hit targets. Employees who understand this reality are more likely to cooperate and problem-solve collaboratively.
2. Maintain Professional Boundaries
Superiors should separate personal issues from professional decision-making. Consistency, fairness, and integrity build trust, and trust is the foundation of a motivated team.
3. Follow the Golden Rule
Treat people how you would like to be treated. This simple principle encourages compassion and respect, two qualities every effective leader must demonstrate.
4. Avoid Micromanagement
Micromanaging stifles creativity and damages morale. Great leaders see themselves as partners, not just bosses, and treat their teams as collaborators working toward a shared goal.
5. Empower Employees to Grow
Empowerment means giving employees responsibility that matches their capacity, and then trusting them to deliver. Encourage them to take calculated risks, learn from mistakes, and problem-solve independently. If something goes wrong, turn it into a learning opportunity, not a reprimand.
6. Communicate in All Directions
Communication shouldn’t just be top-down. Invite feedback, create open channels for suggestions, and genuinely listen to what your people have to say. Healthy upward communication closes gaps before they become conflicts.
7. Overcome Insecurities
Many leaders secretly fear being outshone by younger, more tech-savvy employees. Instead of resisting, embrace the chance to learn from them. Humility earns respect and helps the team innovate faster.
8. Invest in Coaching and Mentorship
True leaders grow other leaders. Provide mentorship, career guidance, and stretch opportunities so employees can develop new skills. Leadership is learned through experience, but guided experience is even more powerful.
9. Eliminate Favoritism
Avoid cliques and office politics. Decisions should be based on facts and fairness, not gossip. Objective, transparent decision-making builds credibility.
10. Recognize Efforts Promptly
Recognition often matters more than rewards. Publicly appreciate employees’ contributions and do so consistently and fairly. A timely “thank you” can be more motivating than a quarterly bonus.
11. Conduct Thoughtful Exit Interviews
When employees leave, treat it as an opportunity to learn. Keep interviews confidential and use the insights to improve management practices and culture.
12. Provide Leadership Development
Train managers to lead, not just supervise. Leadership development programs help shift mindsets from “command and control” to “coach and empower.” This transformation has a direct impact on morale and retention.
13. Adopt Soft Leadership Principles
Today’s workforce, largely millennials and Gen Z, value collaboration over hierarchy. Soft leadership focuses on partnership, mutual respect, and shared purpose, rather than rigid top-down control.
The Bigger Picture: HR’s Role
Mercer’s global research highlights five key priorities for organizations:
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Build diverse talent pipelines
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Embrace flexible work models
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Design compelling career paths
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Simplify HR processes
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Redefine the value HR brings
The challenge? Employers and employees often view these priorities differently. Bridging that perception gap is just as important as bridging the relational gap between leaders and staff.
Treat Employees Like Associates, Not Just Staff
When you treat employees like partners, they bring their best selves to work. HR leaders must develop strategies to keep talent engaged, empowered, and prepared for the future.
Organizational success starts with people, always. Build the relationship with your team first, and the results will follow.
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