Despite the growing awareness of cyber threats, many myths about cyber security still persist. Ready to separate fact from fiction? Here are four facts about cybersecurity to share with your small business clients:
Cybercriminals attack businesses of all sizes
Small and medium-sized businesses may wrongly assume that their data isn’t attractive to hackers. But small operations are among the most susceptible to cyberattacks. An Accenture survey revealed that hackers attack small businesses nearly half of the time. Unfortunately, only about 14% of these businesses are prepared to act defensively in such a situation.
The lesson: No matter the size, no business is immune from hacking attempts and malicious attacks. Hackers don’t discriminate when it comes to their victims. So, don’t let the size of your business determine how valuable your data is or how secure your assets are.
Security doesn’t reduce productivity
Some business owners worry that increased cyber security protocols will make it difficult for employees to access what they need to do their job as quickly, at the office or at home. However, in reality, not having adequate cyber security protocols may have long-term and catastrophic consequences for your business. Many preventive measures require little hassle or extra steps on the part of employees.
Cyberattacks come from inside and outside
Many cyber attacks come from external sources. But insider threats are on the rise and should be a cause for concern for all businesses. Insider threats can include employees, vendors, contractors and business partners. It can involve either a simple case of negligence or can be malicious in nature. A recent survey revealed that insider threats are responsible for as many as half of all data breaches. All companies need to have plans in place to help prevent these types of attacks.
Cybersecurity and cyber insurance are well worth the cost
Even though the headlines paint grim stories, some companies still wonder if cybersecurity programs are worth the cost. Data security is frequently overlooked and many small organizations respond reactively when they have no other option.
But it’s important to consider the cost of not taking action. Consider the fact that the average cost of a data breach in 2021 is was more than $4 million, the highest in the last 17 years. This statistic doesn’t even take into account reputational losses and customer losses from a breach. One thing is for certain: The cost of a good cybersecurity plan and coverage is far less than dealing with the consequences of an attack.