Small Business and the Two Tricky Situations They Face with Cyber Security

Small businesses are in a tricky situation when it comes to cyber security risk. From a USA Today report in 2017, the statistics are alarming:

• 2/3 of cyber attacks are against small businesses.
• 60% of small businesses that are attacked typically go out of business after 6 months of the incident.
• A cyber attack can cost a small business between $84,000-$148,000.

Tricky situation I – Mindset

Whether you are an entrepreneur or a small business owner with a handful of employees, the mindset is “I’m just a speck on the map, who would want to attack me?” The answer to that thinking is that you have something valuable. If you’re a CPA, financial adviser, or a small healthcare provider, you deal with sensitive data, from social security numbers, to bank accounts, to medical records. There is a bulls-eye painted on your business. But, what if you don’t handle sensitive data?

Whether you handle sensitive data or not, the other “something valuable” is your connected devices, your network, and any access to larger partners you do business with. Your network can be used as a jumping off point for an adversary that allows them to work their way up to bigger organizations, or they could ransom your data. A bad actor can turn your unprotected network/devices into a zombie computer to carry out attacks as part of a botnet.

This mindset can also affect your brand reputation. By not protecting your business, customers and partners may lose faith in your brand making it harder for you attract the customers you want or the partnerships you would like to develop.

Tricky situation II – Budget

As an entrepreneur or small business owner, every dollar counts. From the cost of starting the business to marketing, to replacing a computer, or making the decision to hire an employee, it all adds up. If you’re experiencing a slow time, you may have to hold off obtaining what you need. We get it! We also understand that being proactive can put you in a better position with securing your organization.

It is time for business owners to start budgeting for information security related services and even cyber liability insurance.

How bsquared intel can help

We provide reviews of everything external to your organization to see if any threats exist whether it be related to security or brand reputation. The report we generate provides you with any findings, best practices, and ways to mitigate issues. Want to pick our brain? We also provide consulting services. Also, if you are in the market for cyber liability insurance, we can give you contact information to an organization that issues such policies.

If you are ready to invest in protecting your business, please fill out the contact form below.