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JUL

Don't be part of the 43...

July 03, 2019 Business

IT Security… It seems like every other day we hear about an IT Breach from a major business in the U.S. but the fact is 43% of breaches occur in small businesses. Given that a breach could cost you, on average, $160 PER RECORD, it is vital that your small businesses take appropriate steps to mitigate the risk of a breach.

Verizon released its 2019 Data Breach Investigations Report which shows some startling facts. A third of the breaches surveyed involved social engineering and another 28% used Malware in the attempted breach. Of the 90 incidents included in the survey related to the retail vertical, 70 resulted in a breach… a 78% successful breach rate is remarkable. The hospitality industry was similarly vulnerable at 75%. Across the business landscape are similar metrics: Education-32%, Finance-34%, Manufacturing-30% and on and on. In 24% of the breaches, Ransomware was used. This is not to mention the growing trend of cryptomining (using breached computers to mine for cryptocurrency like Bitcoin).

The problem is, most people look at the cost of deploying protections for their business as ‘too much money for so little risk.’ They think because it hasn’t happened yet or because they are ‘too small’ or any number of equally wrong ideas that it won’t happen to them. But the fact is, if it DOES happen, you could be out of business ‘Tout suite.’ You might be thinking to yourself, ‘But I am insured. I’ll be ok.’ If so, you should re-read your policy and look for the due diligence clause which says, basically, If you don’t do all you can reasonably do to protect the data in your possession, they won’t pay out for the breach.

Cybersecurity doesn’t have to be ridiculously expensive or intrusive. A little education and the proper application of some expertise can make the difference between a major inconvenience and a catastrophic failure for your business. And now for some shameless self-promotion… Daedalus Digital can both educate you in how to avoid falling prey to these schemes and help harden your systems in the event that they do occur. Give us a call and we’ll make it as painless as possible… promise.