Recently I found some frightening Cyber Security Statistics from Small Business Trends* (updated August 2019):

  • 43% of cyber attacks target small business.
  • 60% of small companies go out of business within six months of a cyber attack.
  • Only 14% of small businesses rate their ability to mitigate cyber risks, vulnerabilities, and attacks as highly effective.

*[https://smallbiztrends.com/2017/01/cyber-security-statistics-small-business.html]

I’m sure that you, like me, are inundated with daily cyber breach, ransom, and phishing warnings. There’s plenty of fear, mystery, and jargon … and it soon becomes overwhelming. So much so, that it’s easier to delete and tell ourselves it won’t happen to us.

Yet experts all agree – it’s not if, but when a cyber attack will occur.

How bad is the problem?

The stories are everywhere –

  • Emails to employees with fake links to gain access to data
  • Liability for identity theft and the costs to rectify employee and customer credit files
  • Untimely or bungled IT updates or patches – making you negligent
  • Working from home or employee laptops that can be easily hacked

It goes on and on.

How ‘bout some solutions?

Prevention is the obvious answer – and it is effective in many instances. Mitigation, or reducing the impact of a breach, is also essential, and we must have plans in advance.

Here are some examples of things to do:

  • Make sure you or your IT service provider accomplishes updates and patches immediately or automatically, and documents each task. Make sure you have a real professional IT provider – this is not the place to try to save money.
  • Get rid of old archived data that is no longer valid – create and follow a Document Retention/Destruction Plan so you don’t have ancient data or paper files that can hurt you.
  • Insist on strong password for all users – use a password manager to create and remember random, long passwords.
  • Implement multi-factor authentication for as many sites as possible – especially bank and other financial accounts.
  • Backup to a reputable cloud server so you have an alternative way to work and find your data in the event of a ransom-ward hack.
  • Consider Cyber Breach insurance, and create a Breach Response Plan so you are ready to respond to serious problem.

If you have questions or more complex circumstances, don’t hesitate to click reply, or give me a call – charles@risksmartsolutions.com | 510-685-3883. There’s never a charge for brainstorming!