It’s hard to pick up a newspaper or log on to a news site and not read about a new cyber attack. High-profile cyber attacks on large enterprises, healthcare organizations, and municipalities continue to raise the public’s awareness of the growing threat of cybercrime.
The cyberattacks below illustrate the enormity of the problem:
But it is not only large companies and municipalities that are being targeted. Recent surveys such as Verizon’s 2018 Data Breach Investigations Report and the Ponemon Institute's 2018 State of Cybersecurity in Small & Medium-Sized Businesses Report indicate that cyberattacks on small businesses have been steadily increasing.
Statistics from these reports are alarming. Most small businesses in the U.S. lack formal security policies for employees and many lack even rudimentary cybersecurity measures.
Perhaps because massive attacks on large enterprises make for better headlines, 85% of small business owners falsely believe that their company is safe from hackers. There was a period of time when small businesses were not a frequent target of cybercrime. But then large enterprises began to invest heavily in cybersecurity making the little guys an easier and more lucrative target. It became easier to harvest smaller rewards from a large number of small organizations than bigger rewards from larger organizations with better locks. At the end of the day, a dollar from a small business is worth the same as a dollar from a large business.
A statistic cited in congressional testimony says that 60% of small and medium businesses often go out of business within 6 months of a cyber attack. It is important that organizations of all sizes put measures in place to monitor their networks for suspicious activity because untargeted attacks are on the rise.
Cybercriminals have also begun to focus on small to medium businesses, typically vendors or suppliers to larger organizations, as a gateway into larger organizations because their cyber defenses are typically much weaker than those of more sophisticated enterprises. This concern, referred to as Third-Party Risk, is a growing concern for organizations of all sizes. The Department of Defense is so concerned with this tactic that it will start requiring contractors who provide products and services for the defense supply chain to comply with the Cybersecurity Maturity Model Certification (CMMC) process in 2020.
There are simple, inexpensive measures that you can take to reduce the risk of a costly cyber attack:
A data breach could cost your business thousands or millions of dollars in lost sales and damages - and harm your reputation costing you even more in lost potential.
BlueVoyant provides advanced cyber threat intelligence, managed security services, and proactive professional services offering small and medium enterprises the same kind of software and level of services that large enterprises enjoy.