2020. It’s been two weeks since this new decade has kicked off, and already we’re experiencing the most interconnected age thus far. We are becoming more advanced technologically, creating new ways to ease our daily lives, and engaging more than ever across millions of interconnected platforms. While this creates a model for quick and effective communication, it comes at a cost.
As our digital evolution continues, our data is being shared and used in more ways than ever before, and this is only projected to increase this year. The more trust we put into interconnected platforms, the more our data grows in worth to cyber criminals. Consequently, the more that a breach of that data will cost to clean up. A cyber-attack can put you out of business because the cost of cleaning up after a breach can be considerable.
In 2020, much the same as in 2019, cybercrime is huge business. In the next year it’s expected to escalate to over $6 trillion. Moreover, as this business gains more worth this year, small businesses are expected to, yet again, be a key target of cyber-criminals.
This year, over 58% of cyber-attack victims were small to medium sized businesses with fewer than 250 employees!
While making up over half of all cyber-attack victims, a small business seems like an unlikely target. Why? Because many SMB owners believe they are not an enticing target as they couldn’t pay out like a multi-million-dollar enterprise, right? After all, large-scale companies have much more data to defend and more endpoints to be concerned about. Not to mention many of them are global entities who have been all over the news for their serious lack of data protection. This, along with exposing valuable data to hackers.
Baiting Large Businesses with SMB’s
However, something many people don’t know, is that these smaller companies are gateways. Hackers often use small businesses that work with large companies to gain entry into systems of the large company. For example, a small supplier of a large box store may have access credentials. So, instead of taking on a massive entity with ample security measures, often times cyber criminals will opt for the easier access point. Small businesses. Even though a small business may not be the end goal for cyber thieves, they are still in the line of fire.
This becomes a serious dilemma going into 2020, as it could potentially close a business in a matter of days. This comes down to the fact that the cost of data breach clean-up is steep, to say the least. In 2019, around 60% of small and medium sized businesses were forced to suspend operations after a cyber-attack, many to never reopen for business. The lost revenue due to downtime, the money spent attempting to remediate the breach and the reputational damage can really add up. All on top of the hurdle of attempting to regain trust of customers.
Even so, many small business owners are drastically underprepared to handle a data breach. Especially considering the culprit allowing cyber criminals to infiltrate your systems, may be working under your roof!
Do your Employees Have the Tools for Success?
The #1-way hackers gain access to small business networks is when an employee on that network clicks a link or an attachment in a malicious email. Once inside your network, the attackers can do things like steal or encrypt your data.
So, this new year, consider training your employees to understand suspicious content. This includes:
A few minutes covering these topics could potentially save your entire company from ruin. At LACyber we offer a multitude packages to help employees defend your business from bad actors. With expert instruction and a user-friendly platform, employees will have a firm understanding of malicious content to avoid.
The best way to approach 2020, is with caution.
Make cybersecurity planning as important as other aspects of your business planning process. Failing to do so could mean that your business is not in compliance with state level cyber regulations and could easily fall victim to cyber-attacks. In 2020, it is no longer a question of if a cyber attack will occur but when.
LACyber is a division of Lincoln Archives providing comprehensive Data Breach Defense Services. Lincoln Archives and LACyber are proud to be a part of Lincoln Family of Companies serving the Western New York Community since 1914.