Why Your Small Businesses Needs Cybersecurity

In the IT world, cybercrimes and data breaches are becoming more and more common. And, unfortunately, it doesn’t matter what size your business is or what type of information your business has, everyone is fair game.

Most small businesses don’t think they’re a Target for Cyber Crime – They Are

Over 80% of small-medium-sized businesses believe they are not at risk of a cyberattack. Yet the 2017 State of SMB Cybersecurity Report indicates that over 61% of small businesses were breached between September 2016 and September 2017 with employee negligence being the No. 1 cause of a breach.

Small- and medium-sized businesses are a prime target for attackers because they tend to be easier targets. They’re often less secure and unprepared for attack. (Think about burglars that go after houses where they know no one is home – it’s a similar concept!)

You May Underestimate the Value of Your Information. You’re The Only One.

It doesn’t always seem like it, but every business has data worth stealing. Did you know that the average cost per lost or stolen record is $158? It may not seem like a lot, but this number grows quickly once these records are stolen by the hundreds or thousands. In the past year, the number of records stolen during SMB cybersecurity breaches has nearly doubled to 9,350 records. That means the average breach will cost a company $1,477,300.

What’s the Risk of Cyber Crime In a Small Business?

When you look at the risk of cybercrime, here are a few things to think about:

  • 61% of small businesses report experiencing a data breach in 2017.
  • 79% of small businesses do not have an incident response plan. Without one, you may never fully recover when a security incident becomes a reality.
  • Over 50% of U.S. companies’ sensitive data can be accessed via an employee’s smartphone or tablet.
  • The average cost of a data breach is estimated at a staggering $1.48 million per company.
  • 60% of companies that lose their data due to an attack or disaster will shut down within six months.

The Unseen Costs of a Breach

There’s a less obvious consequence from cyberattacks. Your company’s reputation. The reputable brand you’ve worked so painstakingly over the years to build and protect can be wiped out with one breach. Though it may not show up on a balance sheet, it’s a key component to your success.

Your current customers can lose confidence in your ability to keep their data safe and will question their loyalty to your business. Potential customers may see the breach and lose trust in you as a potential partner. Employees will question your management. Vendors might seek other partners, and competitors will seize on the opportunity as a competitive advantage.

If you have data, you’re a potential target. Small businesses in particular are increasingly at risk because criminals expect you to be an easy target. The costs can be overwhelming and staggering, and just one breach can cost you your reputation and your business.

Working with a managed IT company with specific expertise in IT security is a critical insurance policy to ensure the longevity of your business. Deerwood Technologies is the only IT company in the region with security skills in the specific disciplines required to give you the most comprehensive coverage, from defensive security to employee risk training.

Don’t make it easy for criminals; trust the security experts with your livelihood. Contact us today online or call us at 218-534-5357.