Why Small Business Must Address Cybersecurity
- Cyber crimes are expected to cost the world $10.5tn (£9.3tn) by 2025, according to cyber-security research firm Cyber Ventures.
- Small businesses are three times more likely to be attacked by cyber-criminals compared to large businesses, cloud security firm Barracuda Networks has found.
- 63% of confirmed data breaches leverage a weak, default, or stolen password. – Security Intelligence
- Between 2020-21, cyber-attacks on small companies surged by more than 150%, according to RiskRecon, a Mastercard company that evaluates companies' cyber-security risk.
- With “Research from IBM and the Ponemon Institute’s 2021 Cost of a Data Breach Report shows that small organizations (those with fewer than 500 employees) spend an average of nearly $3 million per incident.
- 60% of small businesses that are victims of cyber attack go out of business within six months according to US National Cyber Security Alliance
As a business owner, it's important to understand the risks of operating online and to have a plan in place to protect yourself, your customers, and your data from cyber threats. The Federal Communications Commission (FCC) recognizes the importance of cybersecurity for small businesses and has created resources to help you develop a customized plan. In October 2012, the FCC re-launched the Small Biz Cyber Planner 2.0, an online tool to help small businesses create a plan that works for them. The FCC also released an updated one-page Cybersecurity Tip Sheet with new tips on creating a mobile device action plan and on payment and credit card security.
Below is a summary of the FCC’s 10 cybersecurity tips for small businesses:
- Train your employees in security principles.
- Protect your information, computers, and networks from cyber attacks.
- Implement firewall security for your Internet connection.
- Create a mobile device action plan.
- Make backup copies of important business data and information.
- Control physical access to your computers.
- Create user accounts for each employee.
- Secure your Wi-Fi networks.
- Employ best practices when handling payment cards.
- Use secure passwords and change them regularly.
- Stay informed about cybersecurity threats and updates.
By following these tips and utilizing the resources provided by the FCC, you can create a culture of security that will enhance business and consumer confidence and protect your business from cyber threats.
View the complete FCC Cyber Security tip list here.
Further Insights Into The Issues:
Learn why Cybersecurity is a necessary risk mitigation measure for your business.
Struggling with Shared Account Password Management in your organization? You’re not alone. Managing multiple users’ access to shared digital resources is a daunting task that poses various security risks. In this comprehensive guide, we explore how Passpack’s team password management software provides a centralized solution to mitigate risks and streamline workflow.
San Diego-based Identity Theft Resource Center (ITRC) reports that financial services was the second-highest industry for data compromises in the first half of 2023 behind only healthcare.
In the era of digital data, ‘Secure Password Sharing’ is not optional, it’s critical. Mismanaged passwords can lead to vulnerabilities, risking your important data. That’s where Passpack comes in, offering a secure solution to mitigate these risks. Let’s delve into the secure password sharing features offered by Passpack.
Ex-Microsoft Chairman Bill Gates predicted the death of the traditional password because it cannot “meet the challenge” of keeping critical information secure. Passwords would be replaced by alternative authentication methods such as wearables and biometrics1. Gates made that statement in 2004, and it remains one the few things he got wrong.
What makes team password management different from individual password management? When you manage your own passwords in your personal life or as a sole professional there’s no need to share them.
Despite their size, small and medium-sized businesses (SMBs) are increasingly on the radar of cybercriminals. In fact, SMBs have become a prime target for cyberattacks. The reasons for this are manifold, and understanding these is an essential part of SMB cyber security strategy.