Blue Robin Cyber Security Experts

Why should small businesses make cybersecurity a priority?

23-09-19 12:03 PM By Hadi Shavarini

As Cybercrime Increases, Small Businesses Remain Unprepared

There is no denying that small businesses are and remain the backbone of the U.S. economy.  According to the Small Business Administration, the 30 million small businesses operating in the United States employ nearly half of the total workforce.

Unfortunately,  small businesses have become the main victims to cyberattacks at an alarming rate.  This phenomenon, whether we accept it or not, is putting the entire economy at risk. As large companies can and are spending endless amounts of time and money to fortify their digital assets and infrastructures, cybercriminals, hackers and fraudsters have turned their attention to small and mid-sized businesses, because, until now, they could not afford such lofty and impenetrable defenses: 

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.