When most people think of cybercrime, the first thing that comes to mind is movies like “Hackers” starring Angelina Jolie or “The Net” with Sandra Bullock – a small, scrappy group of computer geniuses who use their skills to bring down nefarious global organizations.
Reality is quite different.
Hackers are now efficient, well run organizations with huge teams of people searching for their next targets. Big, global businesses spend heavily on protecting their data and infrastructure making them more difficult (though not impossible) to breach.
Cybercriminals are now reaching for low hanging fruit to sustain them: Small and medium sized businesses (SMBs)
Due to small budgets being set aside for cyber security, combined with the false assumption that they have nothing criminals could possibly want, SMBs have become big targets for hacking. Recent reports show that 58% of all cyberattacks are targeted at SMBs. Roughly 4,000 per day according to IBM estimates. The customer data stored in your network is quite valuable on the Dark Web.
The small city of Riviera Beach, FL recently found this out the hard way when they agreed to pay $600,000 in ransom to hackers who lured them into a ransomware attack. While the city had the resources available to cover these costs, your business may not.
The U.S. National Cyber Security Alliance reports that 60% of small businesses close within six months of a cyberattack. The average price tag for a small business to recover from a hack comes to $690,000. Between rebuilding their network, compensation for information lost in the attack, loss of reputation and customers, and other breach related expenses, they simply lack the resources to rebuild and sustain their business and decide to shutter.
What can you do to protect your business without breaking the bank?
- Invest in employee training
- The ransomware attack that crippled Riviera Beach, FL was set in motion when a city employee opened an infected email attachment. Training your employees to spot social engineering attempts will help prevent criminals from bypassing cybersecurity measures you have in place
- Invest in updating your technology and infrastructure
- Out of date software and tech makes you vulnerable to attacks. It is a cost, yes, but investing in prevention will cost far less than the $690,000 mentioned above.
Newtek Technology Solutions can design a plan for your business that covers data backup, disaster recovery, the latest in software, hardware, and storage, and even cyber-liability insurance to protect your business while staying up to date with the latest security and compliance standards. Our team of experts will work with you and your budget to keep your business’ vital data protected. Reach out today.