One in five small businesses are targeted in cybercrime attacks. $3.8 million is the average cost of a data breach to a company. There were 638 million ransomware attacks in 2016 alone (Source: Securityweek.com).
With staggering statistics like these, it’s critical for all organizations, especially small businesses, to understand the threats that are out there today and information security best practices.
According to a survey done by CSID of 150 small businesses, 57% of the small businesses are aware of, and even concerned about cyberattacks. However, 51% of them don’t allocate any budget towards cyber security because they don’t believe that they are storing data that puts them at risk. This train of thought points to a serious educational disconnect for small businesses when it comes to understanding their risk.
Does your small businesses have Personally Identifiable Information (PII)? PII is any piece of information that can be tied back to an individual (employees’ or customers’ names, email addresses, phone numbers, social security numbers, credit card numbers, etc.). If your answer is yes, you surely are a target, like any other organizations are. Cyber criminals have numerous incentives for snatching PII from your organization such as monetary gain, stealing a person’s identity, and aiding in the planning of criminal acts.
It’s therefore vitally important for small businesses to understand that hackers are not discriminatory when it comes to the size of the organization they’re targeting. Any organization that collects even one piece of Personally Identifiable Information could be a target for hackers.
Let’s look at the most common cyberattacks small businesses are facing and the best practices you can apply right away to protect your small business from hackers.
How To Protect Small Businesses From Hackers: Best Practices
Small businesses fall into a cybersecurity sweet spot for hackers. They have more digital assets than an individual, with much less security than a larger enterprise. Small and mid-sized businesses are hit by 62 percent of all cyber-attacks; about 4,000 per day, according to IBM. Yes, it’s the breaches at big corporations, such as Yahoo! Inc. and Sony Pictures Entertainment Inc., that make headlines. But that doesn’t mean that small businesses are safe from cyberattacks.
What can you do to mitigate the risk of an attack on your organization? The good news is that there are many best practices that help you protect yourself:
Small Businesses, Now is the Time to Take Cybersecurity Seriously
The cold, harsh reality is that security breaches can devastate even the most resilient businesses: cyberattacks can result in financial losses, damaged reputation, and legal and regulatory issues. And cyberattacks are not limited to just large enterprises. Small businesses are equally at risk, however, unlike their larger counterparts, too many small businesses are leaving themselves vulnerable to attack. Don’t wait until your organization become the victim of cybercrime. The time to take cybersecurity seriously is now.
Want more information on how to increase protection against cyber attacks?
This post was co-authored by Change Connect and ProServeIT.
About Change Connect
Change Connect offers customized change management and transformation solutions for small businesses, with a focus on leading cybersecurity initiatives. Whether you’re a start-up looking to document your cyber protocols, or an established business looking to implement an organization-wide BYOD strategy, Change Connect can help.
About ProServeIT Corporation
With over 15 years of experience in the IT industry, ProServeIT has been providing security assessments and security operations programs for clients. Need backup solutions, a disaster recovery plan, or just want to learn about more ways to protect your organization? ProServeIT’s experienced security experts will work with you to provide you with the customized guidance you need to help protect your organization from cybercriminals.