The Whys and Hows for Small Businesses Data Protection

Cybercrime continues to rise, and threats continue to grow. You need to take action. Each year, hackers have grown bolder, and cyberattacks continue to rise.

Each year, hackers have grown bolder, and cyberattacks continue to rise. According to the 2019 Official Annual Cybercrime Report is sponsored by Herjavec Group, 68% of businesses feel their risks for cyber attacks are on the risk. Their concerns are well-founded as in just the first half of 2019, data breaches exposed over 41 billion records.

Those are serious stats.

Cyber attacks are among the most significant concerns small business owners have in maintaining their business’s strength and integrity.

How bad is it out there, and what can you do about it?

It could happen to almost anyone

Let’s look at the numbers.

According to Symantec’s Internet Security Threat Report, around 50% of all small businesses will experience a cyber attack or, at least, an attempted breach. Yet, only 1 in 5 small businesses believe they currently have the tools to mitigate those attacks. While large enterprises tend to be higher targets for attack due to the amount of breached data available, they are also in a much better position to defend themselves with large IT budgets and ready access to full-time professional cyberattack response teams/

Of the attacks that go after small to medium-sized businesses, cybercriminals tend to seek out customer records more than other types of information. After this, credit card numbers and other financial details are targeted, as well as intellectual property and employee information.

How does cybercrime affect small businesses?

Well, the news goes from bad to worse. Successful cyberattacks can cost a business a lot of money.

A study by the Ponemon Institute reports that 60% of businesses that fall victim to successful cyberattacks will likely be out of business within six months. Averaged out, small to medium-sized businesses suffer about $2 million in damages due to theft of sensitive data. Also, disruption of business operations can add further costs, and businesses subject to regulatory compliance such as the healthcare and finance industries experience fines that can triple those expenses.

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