Posted by Stephen Palamara
Small business owners know that a vigilant cybersecurity program is expensive. Yet it is evident that cybercrime is one of the fastest growing forms of criminal activity, so defense must be a top priority. An article on the CNBC website highlighted the potentially devastating impact of a cyberattack on a small business.
The article states that 43% of cyberattacks are aimed at small businesses, but only 14% of those businesses are adequately prepared to defend themselves.
“Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground that we’ve got to safeguard has also grown exponentially,” explains Jesse Rothstein, CTO of online security provider ExtraHop. “From mobile to desktop interactions, cybercriminals can launch thousands of digital attacks designed to compromise your operations at every turn, only one of which ever needs to connect to cause serious disruption.”
In terms of the cost of a security breach to an organization, the article states “the consequences of cyberattacks continue to grow, with digital incidents now costing businesses of all sizes $200,000 on average, according to insurance carrier Hiscox. Sixty percent go out of business within six months of being victimized.”
The article suggests a multipronged approach to defense against cybersecurity attacks, since threats can come from internal staff as well as external sources. “It’s important to take a multi-faceted approach to cybersecurity,” explains Dan McNamara, chief technology and security officer at MedReview. “As our organization has grown, so has the number of cyberattacks it faces. … In the last two quarters alone, we saw 12 to 15 million breach attempts, many of which take place during early morning hours and weekends. [To safeguard ourselves,] we try to embrace AI and autonomous services; implement real-time cybersecurity tools; and encourage every person on staff to play a role in combating online threats.”
Adequate training for staff, in addition to advanced digital safeguards can help small businesses protect themselves from cyberthreats and thrive in an age of ongoing digital transformation.
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