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:

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