Thursday, November 24, 2016
4 Shocking Facts About Small Business Data Theft
The 2016 Internet Security Threat Report
compiled by Symantec produced some staggering statistics for small business owners. Because the dangers posed to small businesses can mean the difference between profit and bankruptcy, we’ll talk about them here.
Why Small Businesses Should Be Alarmed by Symantec’s Report 62% of the data theft victims are small and mid-size businesses.
It’s important to remember that to cyber criminals, the target is not based on size; rather it’s based on the type of data that is available. Most businesses – large, medium and small – will store customer contact details, credit card credentials and even intellectual property. Solution: Put cyber security on your list of things to do for the new year along with a budget that will give it teeth. 40% of the data breaches came from external sources.
The external sources may surprise you. These are third parties that have access to your network or personal devices of employees connected to your business network. Solution: Secure networks like Virtual Private Networks are a wise investment. 72% of the businesses that experience major data theft closed their doors within two years.
For many, trying to repair the data breach took up too much of their budget and they were forced to close. Solution: Establish a separate account dedicated to funding recovery efforts from data theft emergencies. Other suggestions include being sure that your business accounts are separate from your personal accounts, and checking with your bank to see if they offer real-time activity checks. On average, small businesses spent $38,000 to recover from just one data breach.
The $38,000 included infrastructure upgrades and efforts to repair a damaged reputation.
For More Information on Securing Your Data, Get in Touch With C3IT
Few things are more important to a business’s bottom line that data. Because technology is constantly changing, it’s imperative you partner with a provider that is at the forefront of the latest trends and improvements. For a free consultation, get in touch with us here at C3IT. Our number is 800-728-1441 or you can reach us online