Cyber-Attacks on Businesses Continue to Increase

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Could your business handle a $200,000 security breach?

Cyber-Attacks on Businesses Continue to Increase

Cyber-attacks are growing in both frequency and severity for larger corporations and small businesses. Industry experts estimate cybersecurity incidents will exceed $5 trillion within the next five years alone. While the shift to remote work has enticed groups to attack major corporations, malicious hackers know most smaller organizations are not prepared against network security breaches, making them popular targets for cyber-attacks.

Smaller companies must take cyber security just as seriously as Fortune 500 companies and implement a robust security strategy to secure sensitive information against ever-present cyber threats. A comprehensive cybersecurity program doesn’t have to cost a lot of money, but it does require prioritization and commitment from leadership, IT, and employees. In 2019, 47% of small businesses experienced a cyber-attack—and out of those, 44% faced more than one! The average cost of a cyber-attack has exploded from $34,000 to close to $200,000 per single incident, according to Hiscox’s 2019 Cyber Readiness Report. This is a setback that most small businesses can’t recover from.

Every Organization Is at Risk to Experience a Breach

Healthcare and financial institutions are not the only businesses that house sensitive information, and they are certainly not the only industry that is at risk of being targeted by malicious hackers. For small companies today, it’s not a matter of if a cybersecurity incident will happen, but when. Cybercriminals are already way ahead of the curve, almost guaranteeing every organization will experience a breach at some point. Unfortunately, too many small businesses are not on track yet. New exploits can be discovered every day with most companies completely unaware. As cybercriminals continue to take advantage of the vulnerabilities, organizations need to develop unique approaches based on their specific risk factors. Even though devastating attacks are continuing to be reported, many organizations have no plan to defend against a breach nor a plan to recover from one.

For Small Businesses, the Damages Are Difficult to Overcome

The cost from breaches is not restricted to being only monetary. As a result of cyber-attacks, a business may have to endure legal fees, compliance penalties, loss of reputation, and loss of current or potential clients. These consequences may continue well beyond the remediation stage and affect businesses for years. Not to mention, what about multiple breaches?

The damage can quickly add up, especially if the threat infiltrates a system and goes undetected for any amount of time. This is entirely possible for the majority of companies when network monitoring and automated threat detection mechanisms aren’t in place. These consequences can easily bankrupt a business. The near-constant risk demands companies adapt and adopt a comprehensive security strategy with risk management policies to not only prevent a cyber threat but to mitigate damage should an incident occur.

Enhance Your Company’s Security

A company’s best bet is to deploy a multilayered, ongoing cybersecurity program using a combination of resources, testing, training, and time to help keep them cyber strong and to potentially mitigate costs in the case of an incident.

Here are just a few steps a small business can implement to prepare for a more extensive strategic approach to its network security.

STEPS YOU CAN TAKE NOW TO INCREASE SECURITY

  • Back up your systems daily – you need to be able to recover your information if your system is compromised.
  • Install and update methods to protect against network attacks, including firewalls and encryption methods, to keep sensitive information safe.
  • Conduct ongoing vulnerability testing on your networks to close gaps and address weak points before they have the chance to be exploited by hackers.
  • Implement tools to scan networks and apps to automatically detect a breach and mitigate the damage as soon as possible.
  • Use multifactor authentication to reduce the chances an unauthorized individual would be able to access your network.
  • Provide regular training for employees, including real-world scenarios, to help them identify threats and respond appropriately.

 

Cybersecurity and risk management is not something that can simply be handed over to the IT department and forgotten about. Even though cyber-attacks on businesses can originate inside or outside a company, 52% of executives state employees are the biggest threat to their operational security. It has even been reported 43% of employees do not receive regular cybersecurity training, and 8% receive no security training whatsoever. This creates a vulnerability regardless of any other steps taken. The mindset that employees are responsible for helping to maintain network security is crucial to preventing an attack. All personnel at an organization should receive cybersecurity training every few months to stay current on the latest attacks and do their part to prevent a breach, whether it’s recognizing and reporting a phishing email or identifying when something isn’t right in the network.

Need Help Implementing the Right Approach?

No matter how much money a company dedicates to strengthening its cybersecurity posture, there’s no such thing as a guarantee of 100% protection. Implementing the right cybersecurity approach for your business can feel difficult if you’re not an IT professional. But that’s not an excuse to ignore the protection you need in the event of a cyber-attack.

From one-man operations to international conglomerates, you do not have to do it alone. Peak Solutions understands that each company is unique, and each company needs a solution tailored to fit their needs. We help you get your business to Peak performance because we make IT work.

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