Cyber Insecurity Plagues Small Businesses

10/23/2019

Cyber InsecurityYes, it’s a play on words. But there’s nothing playful about the relentless cybersecurity challenges today’s small businesses face, including these summarized from Entrepreneur.com.

Challenge 1: Lack of modern infrastructure. Hackers know that small companies have smaller IT budgets. They also know that spending to shore up defenses will be minimal, and that last year’s penetration techniques (which larger companies are now thwarting) will probably work just fine on small enterprises.

Challenge 2: BYOD risks. Employees relish the flexibility of working at home or offsite but often log onto company networks using devices that lack adequate levels of security, including encryption.

Challenge 3: Insider threats. Entrepreneur.com calls out employee ignorance and negligence as major contributors to cyber insecurity. Verizon’s 2019 Data Breach Investigations report quantifies such threats, noting that 34% of all breaches in 2018 were caused by insiders. Culprits can include, among others,: careless workers–those, who for their own convenience, ignore security policies, misuse data or install unauthorized applications; inside agents, recruited by outside parties to filch or tamper with company data; disgruntled employees, who take revenge by disrupting operations or exfiltrating sensitive information.

It’s important to note that the cost of an insider attack remains high.  One Ponemon Institute study shows that the average cost of an insider-related incident is around $513,000; another report says that the average cost of a malicious insider attack rose 15% from 2018 to 2019.

Not all gloom and doom, the Entrepreneur piece also suggests some solutions, including urging SMBs to:

A) Emphasize security training and develop a culture centered on cybersecurity awareness.
B) Look into predictive security methods based on AI and machine learning.
C) Take advantage of cyber insurance to mitigate losses due to data breach and liability claims. Of course, one of the most effective ways to regain confidence in your cyber-defense strategy is by partnering with experts in the field, like TeamLogic IT. Call today and let us know how we can help.