For small businesses, finding the right amount of cybersecurity can prove difficult and overbearing. According to a study by the Better Business Bureau (BBB), most small businesses stop short of locking down essential information due to lack of expertise, lack of resources, and lack of information about the topic. Despite the growing cybersecurity concern, small businesses typically fail to acquire any additional protection, threat assessment, incident response plan, or a dedicated cybersecurity officer. These protections can mean the life or death of an otherwise prosperous small business.
Neglecting these measures poses high risk to multiple vulnerabilities. First, the assets of a small business. On average annually in the United States, small businesses lose $79,841 with a maximum of $1 million. The small businesses hit by cyber-attacks report that the threat is only getting worse. Some already expect it as a given they will lose money due to a cyber-attack in the upcoming year.
Second, the trust of the small business may be compromised. This risk includes small businesses that are vendors to larger corporations within a corporate overall supply chain. It also extends to those with personal identifiable information (PII) of their direct consumers. This information includes but is not limited to SSN, name, DOB, etc. Protection of these vulnerabilities is paramount to ensure trust. Establishing a status as a high reliability organization determines the willingness of other companies to work with a particular small business. Tarnishing that status can result in companies looking to trusted competitors to augment a secure supply chain. This hard truth is prevalent as ever considering 73% of businesses cited the seriousness of a vendor’s approach to cybersecurity to be important or very important.
Third, the ransom or destruction of irreplaceable data. Three months after permanently losing essential data 65% of small businesses report they could not remain profitable. The utterly crippling effects of an unforeseen cyber-attack can ruin an enterprise for good. The BBB is attempting to raise awareness about these ever-present cybersecurity problems. This is especially true for small businesses as their ability to function against cyber-attacks steadily decreases. The problem will not go away any time soon. The BBB predicts the global economy will bleed $2 trillion by the year 2019 due to cyber-attacks.
Domain5 is committed to providing niche support to small businesses at an effective return on cybersecurity investment (ROIC). This support includes a part-time chief information security officer that is flexible to any small business demand, large or small. Our support extends to risk assessments of current networks, information security, and compliance advise. Domain5 recognizes the absolute necessity of maintaining cybersecurity awareness while simultaneously compensating for effective allocation of resources in a small business environment.