We mostly read in the press stories pertaining to cyber breaches and very large businesses, what we don’t hear about is the effect cyber breaches have on small and midsize enterprises. Over the last two years small to midsize businesses have become the focal point of hackers activity. According to industry experts, 62% of all cyber breaches in 2015 were to small and midsize businesses and the average cost/breach was $690,000. The significant monetary cost coupled with the distraction of dealing with a breach is often too much for a business to deal with and consequently causes them shutdown.
Unfortunately, business owners and managers are under the impression a cyber breach will not happen to them and do not take the proper precautions to avoid one from happening. Many owners feel they are unlikely to be targeted due to their size and lack of assets, but in all actuality the exact opposite is true. All businesses no matter the size need to take the threat of a cyber breach very seriously.
A number of steps can be taken in order to reduce the likelihood of a company suffering a cyber breach. First off, it’s important all employees are aware of cyber risks and trained to recognize instances of phishing and other spam. Businesses need to have anti-virus and malware software installed on every company device and be sure to regularly update the software. Regularly updating and changing passwords is also an essential step each employee must take in order to limit the threat of a cyber breach.
Though maybe inconvenient, each small to midsize company must recognize the importance of taking the risk of a cyber breach seriously. Each enterprise must take steps in order to limit the likelihood of such a cyber breach from ever occurring. If they do not, it’s possible a breach can lead to the ultimate demise of their company.