As we’ve mentioned before, more small and midsize businesses (SMBs) are falling victim to cybercrime. According to HP’s Cyber Security and Your Business report, Cybercrime costs SMBs 4.2 times more per employee than larger businesses, and 60% of SMBs that experience a data breach are out of business in six months.
Why are SMBs, and you, a target for cyber criminals?
SMBs spend less on security while larger businesses are increasing their security protections.
- Your business is an easier target because you are more likely to lack basic protections. In effect, you may attract cyber criminals because you are an easier target.
- Budget for, and implement, reasonable protections covering user identities, access controls, user permissions, data loss prevention, and employee awareness and training.
SMBs do not have in-house security expertise.
- Keeping up with risks and trends is time consuming above and beyond ensuring that your security measures are updated and working on a day-to-day basis.
- Leverage technology and your IT partners for automated solutions and expertise, as well as on-going management of your security and privacy solutions.
SMBS are moving into the cloud.
- Using cloud applications and storage makes sense. But, your data is no longer behind a physical or logical “firewall”. Protecting your data means protecting the cloud systems and services you use.
- Always select business-grade services over consumer services. Implement all security features, including 2 Factor Authentication. And, when possible, integrate access to cloud services into a single system for managing user identities. And, do not forget to train, and periodically remind, your staff how their awareness and actions can allow or prevent an attack.
Start the new year off right with a review of your IT security and data privacy policies, procedures, and systems. Doing so is an affordable way to protect your business, your employees, and your customers from cyber crime. The cost of prevention is miniscule compared to the cost of a breach.