It’s easy for small businesses to become desensitized to cybercrimes when high profile companies are typically the ones spotlighted in the media. It’s important, however, for all business owners to realize they are at risk to such attacks; networks are not protected, the aftermath could prove to be very costly and time consuming. BBB reminds business owners to reduce their vulnerability by implementing safeguards to protect their data.
Cyber-attacks cost businesses more than $400 billion per year and affect 25% of small businesses. This means it is of utmost importance for businesses of all sizes to make sure adequate precautions to prevent an attack are taken.
BBB provides the following myths and facts about cybersecurity:
Myth:Smaller businesses are not at risk of cyberattacks.
Fact: Sixty percent of all cyberattacks happen to small businesses, costing on average $7,115.2,3, and 41% of small businesses report they have been the victim of a cyberattack.
Myth: Small business owners can’t protect against cyberattacks.
Fact: While eliminating threats is impossible, protecting small businesses can be achieved through various actions, including having a security strategy in place, acquiring insurance and having IT in charge of data security. In fact, more than 6 out of 10 small businesses have an activity or a plan in place in the event of a cyberattack.
Myth: Lack of resources is the #1 reason small businesses don’t invest in cybersecurity efforts.
Fact: A lack of expertise and/or understanding is the #1 reason why small businesses are not proactive about cybersecurity. Our research suggests that additional education, direction and awareness efforts focused on smaller businesses are needed.
Myth: If a small business is hit by a cyberattack, their financial institution would cover the losses.
Fact: The burden of proof lies with businesses – not banks – when it comes to cyber incidents. For those firms whose business banking accounts were hacked, the average loss was $32,021.
“Even though you may have a highly competent staff, if they are not proactively thinking about the potential of outside data thieves, then they could be unwittingly aiding a data breach”, said Mark Seguin, founder of TBG Solutions, Inc.”Every year, small employee errors are exploited and major data breaches occur.”
TBG Solutions Inc., is a risk management and training solutions company that develops strategies, training and awareness programs to keep staff, students and employees safe. Mark Seguin will present “Managing Risk: Databreach Protection” for BBB Accredited Businesses on Monday, September 11th at TJC West Campus. TBG Solutions, Inc. has been a BBB Accredited Business since 2014.
BBB Lunch.Learn.Lead events are free for BBB Accredited Businesses and Charities. To RSVP, please call (903)581-5888 or firstname.lastname@example.org.
To report fraudulent activity or unscrupulous business practices, please go to BBB Scam Tracker. For more information on how to be a savvy business owner, go to bbb.org. To network with BBB Accredited Businesses and other professionals, join our LinkedIn group or follow us on Facebook and Twitter.
Mechele Mills is the President|CEO for the Better Business Bureau Serving Central East Texas. Prior to her role at BBB, she led and consulted organizations of all sizes, managing operations, sales marketing, and personnel for both the public and private sector. She holds a Bachelor’s in Journalism/PR from the University of Texas at Tyler and a Master’s in Business Administration from Baylor University.