The Cost of Inaction: What Slow and Unprotected Internet Could Cost Your Business
Internet connectivity plays a critical role in the operations of small and medium-sized enterprises (SMEs). Yet, few businesses truly understand the possible financial impact of slow internet and unprotected connections on their bottom line. This blog post seeks to shed light on business internet costs, exploring the implications of slow or unprotected access on productivity, operational risks, and the potential ROI of investing in high-speed, secure connectivity.
Implications of Slow Internet
Let’s first delve into how the cost of slow internet can slowly but significantly create fissures in your business’ financial health. Every minute wasted on waiting for webpages to load or files to download can accumulate into substantial productivity loss over time. Simultaneously, customer experience can be adversely impacted, often leading to a loss of clientele and hence, revenue.
If you consider the average hourly wage, you can calculate the monetary loss due to this time wastage.
For instance, if the average hourly wage is £20, the loss per employee per year would be approximately £416.6.
Monetary Loss per Year = 20.83 hours/year × £20/hour = £416.6/year
Cybersecurity Risks and Costs
When it comes to the impact of unprotected internet, the risks rise tenfold. The likelihood of a data breach skyrockets, potentially leading to exorbitant data breach costs. According to IBM, the average total cost of a data breach in the UK was £2.9 million in 2020. These breaches harm not only your financial standing but also your business’s reputation – a setback that might take years to overcome.
Network Inefficiency and Downtime
The issues of network inefficiency and downtime costs cannot be downplayed. Slow or patchy internet can cause frequent interruptions in business operations, which translates to hours of lost work. Beyond the immediate setback, a lack of secure connectivity can also result in decreased morale and productivity among your workforce.
If an employee spends an average of 5 minutes per day waiting for webpages to load or files to download, that accumulates to approximately 21 hours per year, assuming a 5-day workweek and 50 working weeks per year.
Cost of Insecure Wi-Fi
Moreover, using an unprotected Wi-Fi not only increases the risk of cyber attacks but also leaves your business exposed to legal repercussions if customer data is compromised. In addition, it forces staff to waste precious time connecting to hotspots or troubleshooting network issues instead of focusing on their core tasks.
Benefits of High-Speed and Secure Internet
While the immediate expense of upgrading to high-speed, secure internet may seem daunting, its long-term ROI is bound to outweigh the costs. Apart from preventing losses due to slow or unprotected internet, it can also boost productivity, facilitate smooth business operations, ensure a seamless customer experience and enhance overall data security.
Conclusion: The Financial Impact of Slow and Unprotected Internet
In conclusion, business internet costs represent far more than a simple line in the budget. They can determine the efficiency, cybersecurity, productivity, customer retention and ultimately, the financial health of your business. It becomes clear that SMEs can ill-afford the costs of slow and unprotected internet and should prioritise secure, high-speed connections as a business-critical investment.
So, as the old adage goes, “A stitch in time saves nine.” In today’s tech-filled business landscape, these stitches may well be MBps and secure connections.