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With October and National Cybersecurity Awareness Month—an annual campaign established by the Department of Homeland Security (DHS) to raise awareness about and educate the public and business owners on cybersecurity—in the rearview mirror, it is vital to ensure that your business is protected.
According to the Wall Street Journal, over 34,000 computer security incidents occur every day – and 62 percent of those incidents involve breaches of small and medium-sized businesses.
In their annual study, 2015 Cost of Cyber Crime, the Ponemon Institute demonstrates the incredibly debilitating impact of insufficient cybersecurity on small businesses.
2015 Cost of Cyber Crime Key Findings:
• The average cost of a single cyber attack on a U.S. company is $1.9 million
• Globally
– The average yearly cost of cybercrime has increased by 1.9 percent since last year
– In 2010, the average time to resolve cyber attacks was 14 days; in 2015 it’s 46 days
– The average number of successful cyber attacks per company was 68 in 2012; in 2015 that figure increased to 99
To combat these cyber intrusions, the report suggests the following courses of action:
• Employ Data Encryption and Protection and Application Security to minimize cyber attack damages
• Resolve attacks quickly with Security Information and Event Management (SIEM)
• Use Security Governance Practices and an Intrusion Prevention System to reduce attacks
• The study affirms companies utilizing proper security resources have lower cybercrime costs than companies that do not invest in appropriate cyber security. Reduce the costs to your business by using the best resources and ensuring your company is safe from cybercrime
The 30 million American small businesses are the backbone of our country, and any threats to these enterprises also apply to the economy. Eighty percent of small businesses have no employees and 91 percent of women-owned businesses employ no one other than the owner; they are stretched extremely thin and are therefore at risk of being predominantly unprepared to withstand breaches in their systems.
Having secure systems is important for all businesses, including small ones that may not feel at risk of cyber attacks due to their small size. NAWRB is here working on a small business sustainability care pack. As a small business owner, you need to protect your business and situate yourself to navigate future developments in stride. Visit www.NAWRB.com for more information.