Today’s small business owners and IT managers are increasingly concerned about a security breach — and for good reason. With cybercrime losses set to exceed $2 trillion in 2019, there’s never been a better time to focus on cyber security and how you can prevent a data breach that could lead to identity theft. A single data breach can be enough to seriously cripple a small business, as the fallout from the problem can be far-reaching and take years to fully heal your business. From the massive increase in security breaches to the financial impact to your business, here are 5 facts you truly must know to manage technology in your small business.
1. Rise of Data Leaks and Identity Theft
You may think that hackers and cyber attackers are looking for large organizations where they can gain access to millions of records in a single data breach attack. However, studies show that nearly 60% of malware attack victims are categorized as small business. This is often because small businesses are perceived as having inadequate cyber security measures in place, making them look like an easy target for hackers. The best way to combat this is to ensure that you have an aggressive security posture in place that includes active monitoring, backup and disaster recovery protocols and ongoing training for your staff members.
2. Financial Impact of a Data Breach on Small Businesses
The reality is bleak: your small business may not even survive a data breach. It’s not so much the lost records or hacked systems that cause the problems. Instead, your business will be impacted by a variety of factors, including:
- The cost of informing all your customers and vendors of the data breach
- Lost productivity of your staff while mitigating the results of the cyber attack
- Cost of consultants who will rush to support you from a break-fix perspective
- The time spent in completing government paperwork to remain in compliance
- Lost business due to reduced consumer confidence
Not to mention the costs of reinforcing your cyber security procedures and putting a more proactive system in place for monitoring.
Top 3 Cybersecurity Threats Small Businesses Face
The top three cybersecurity threats that are faced by small business are through phishing emails, malware and inattentive employees. Yes, employees are one of the top threats to your business — simply because they may not understand the impact of their actions. It’s easy to make a password that can be guessed or that is used elsewhere. What’s difficult is creating a highly-secure password and never sharing it with someone else. Anytime your employees are sharing account, clicking on questionable emails or responding to a malware ad, they are essentially the attack vector for your business.
As attacks become more sophisticated, technology professionals are leveraging artificial intelligence (AI) and advanced cloud techniques to help protect organizations. It’s no longer good enough to simply monitor the various systems. Today’s advanced cybersecurity professionals have created AI programs that will help monitor and detect attacks and shut them down — often while they’re happening. This is crucial for small businesses, as proactive technology partners with this type of technology are able to significantly reduce the possibility of a deep attack into their systems.
Singapore to Expand Investment in Cybersecurity Training
Singapore is expanding their investment in cybersecurity training beyond $30 million over the next few years. While overall crime is falling in the region, Singapore is seeing cybercrime rising on an annual basis. The government is actively looking for ways to combat the rising crime by working with organizations in the private and public sector in order to harden their security posture. Cybersecurity awareness is at an all-time high as both private organizations and the government gear up to provide the support needed to protect the rights of citizens from the phishing, malware and other attacks that are growing in frequency. Singapore is highly connected with the rest of the world, making Singapore organizations a key entry point to organizations throughout the world. This makes Singapore businesses even more attractive to cyber criminals who are interested in identity theft.
The security of your business depends on having a trusted cybersecurity partner to help you at each stage of your business’ evolution. Wincom IT Services is a top cyber security company in Singapore, serving businesses of all sizes. See how we can help protect you against a security breach when you contact us today at +65 8782 0836 or via email to firstname.lastname@example.org for your complimentary initial consultation.