As Cybercrime Increases, Small Businesses Remain Unprepared
According to a recent Ponemon study, 70% of all small businesses experienced a cyberattack in 2017, of which, more than half admitted to having no understanding of how to protect their company against a cybersecurity attack. Considering an average cost of $149,000 for data recovery after a breach, a small company could potentially close its doors. In fact, a report by the U.S. National Cyber Security Alliance indicates that 60% of all small companies that succumb to a cyberattack go out of business within six months.
A study by Hiscox found that less than 20% of small business said they were confident in their cybersecurity readiness, and barely half had a clearly defined cybersecurity strategy at all. The time has come for small businesses to take it upon themselves to increase their defenses as best as they can.
One important and affordable first step is to conduct a third-party security assessment that identifies security weaknesses and vulnerabilities. Once all digital weaknesses are identified, the the company should create an incident response plan to mitigate losses in the event of an attack. While such activities aren't always without cost, they can be affordable and may prove to save your business in the long run.