CYBERSECURITY AND SMALL BUSINESSES
Many SMBs are unprepared to defend themselves against the increasing threat of cyber-attacks, even if they think that they are. Cybersecurity is a constantly changing and evolving field. The security measures that were at the forefront 5 years ago are now considered to be the bare minimum. The financial burden of any cyber-attack does end once the attack has been extinguished.
An October, 2018, survey by SCORE, the nation’s largest network of expert business mentors, found that the average amount demanded during a ransomware attack is $1,077 – but the average cost of remediating an attack is $133,000. This colossal sum can include downtime costs, recovery costs and lost business opportunities.
(It’s also worth noting that paying the ransom is usually a fool’s errand, as less than 20% of victims who do give in to the extortion demand actually get their data unlocked.)
Multiple surveys are reports issues over the last few years have clearly shown that micro/small businesses are less apt than medium or large businesses to combat cyber-threats. Typically, 79% of medium and large businesses have actively looked for cybersecurity information, advice or guidance. However, only 58% of SMBs have done the same. The differences also extend to cybersecurity policies, where 62% of larger businesses have developed a policy while only 26% of SMBs have. When it comes to cybersecurity training, the difference is 47% vs 19%. Simply put, SMBs leave themselves more vulnerable to cybercrime.
In the digital era, any size business can be brought to a standstill with just a few clicks.
For more information on Capital Business System’s scalable managed IT services – including help desk, network monitoring & care, and business continuity – please contact us today.
Return to the Tech Trends Newsletter