Cybersecurity - Why It Matters!

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

Helpful Resources

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.

Enable Multi-factor Authentication (MFA) to Add A Critical Layer of Security

Multi-factor authentication (MFA) is an excellent tool to add a critical layer of identity management confirmation to any organization, but it is not foolproof. By requiring multiple forms of verification, MFA ensures that digital identities are more secure, significantly enhancing an organization’s defense against unauthorized access. This article reviews the strengths and potential weaknesses of MFA, especially for small to medium-sized organizations.

Enhance Business Security: Identity & Access Management Starts with Passpack

Identity and access management (IAM) is the sum of various technologies, processes, and policies in an organization to ensure only authorized network users have the proper level of permissions to digital resources, have secure access to the trusted data within, and can only access the systems, applications, and file shares needed to do their jobs; nothing less, nothing more.

Small Business Cybersecurity Success Starts with Passpack

In a digital era overflowing with passwords and sensitive data, the security and efficiency of managing them become paramount. Dive into the world of Zero-Knowledge Password Managers and discover how Passpack is redefining secure password management for businesses, ensuring both unparalleled safety and seamless team collaboration.

Get Started with Passpack Today