In 2018, The FBI’s Cyber Division received a total of 351,936 complaints with losses exceeding $2.7 Billion.
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Increase in Cyber Attacks on Small Businesses
Cyber attaches are growing in both severity and frequency, particularly against small businesses. Experts estimate that cybersecurity incidents will cost businesses over $5 trillion within the next five years alone.
Criminals know the majority of smaller organizations are not prepared against security breaches, making them ripe for the picking for cyber attacks.
Smaller companies must deploy a strong security plan to defend sensitive information against ever-growing cyber threats. In the past year alone, 47% of small businesses experienced a cyber attack—and out of those, 44% experienced more than one.
The average cost of a cyber attack has skyrocketed from $34,000 to just under $200,000 per single incident, according to Hiscox’s 2019 Cyber Readiness Report. This is a setback that many small businesses can’t recover from.
All Organizations Are at Risk to Experience a Breach
Small businesses across all types of industries are susceptible to security breaches. As IT infrastructures become more complex to support the growing digital demands of today’s companies, security practices must evolve to support these sophisticated setups.
Criminals are already far ahead of the curve, so much so that almost every organization will experience a breach at some point. As Robert Mueller (Former director of the FBI) stated, “I am convinced that there are only two types of companies: those that have been hacked and those that will be.”
Making small business network security a priority is a must as cyber attacks continue to expand. Unfortunately, most companies of this size aren’t yet on track.
With cyber criminals exploiting network vulnerabilities companies may not even be aware of, developing an approach based on your particular risks is key to successfully stopping these devastating attacks. Many organizations have no type of plan in place in the event of a breach, let alone the necessary protection to prevent an intrusion in the first place.
The Damages from a Cyber Attack Are Difficult to Overcome, Especially for Small Businesses
Could your business handle a $200,000 security breach? What about multiple breaches?
The damages can quickly add up.
This is particularly true if a threat infiltrates and organization and goes undetected—which is entirely possible when network monitoring and automated threat detection mechanisms aren’t in place.
In addition to monetary damages as the result of cyber attacks on small businesses, these companies also have to deal with legal fees, compliance penalties, loss of reputation, and loss of customers.
The sum of these consequences can quickly bankrupt a business. In fact, an estimated 50% of small businesses close within 6 months of a cyber attack.
Organizations are constantly at risk and need to adopt a thorough security strategy to prevent a cyber threat, repair damage should an incident occur, and adopt risk minimizing policies. By doing so, these companies can protect their assets and make it easier to bounce back after an attack.
Fortify Your Network Security
Taking a comprehensive approach to cybersecurity is your best bet to avoid a cyber attack. Most small companies house sensitive information, and so are at risk of being targeted by malicious hackers.
Here are a few things you can do to create a strategic approach to improve your small business network security.
While cyber attacks on small businesses can come from inside or outside a company, employees are often considered the biggest threat to smaller organizations. A reported 43% do not receive regular cybersecurity training, and 8% have received no security training at all.
The mindset that employees are responsible for helping to maintain network security is crucial to preventing an attack.
Everyone within an organization should receive regularly scheduled cybersecurity training to stay aware of the latest threats and help prevent a breach.
Many times it’s a non IT employee who recognizes and reports a fake email or alerts others when something suspicious happens on their system or the network.
Not Sure How to Implement the Right Strategy?
Implementing the right cybersecurity approach for your business can feel difficult if you’re not an IT professional. But that’s no excuse to ignore the protection you need to stop a cyber attack.
Contact Cape Cod Computer Specialists today to learn more about how we can help your small business implement the best approach to comprehensive network security!