PROTECTING YOUR BUSINESS FROM CYBERSECURITY BREACHES

Most people see cybersecurity as something that governments and corporations have to worry about. After all, they hear about cyber attacks on major entities such as Equifax and England’s National Health Service on the news. The truth is, however, businesses of all sizes are at risk of a cybersecurity breach.

According to the Department of Homeland Security, 40% of cyber attacks target businesses with fewer than 500 employees. In addition, about one in five small and midsize businesses reported a cyber attack over a two-year period. Computer crime has now bypassed illegal drugs as the country’s number-one criminal money maker, making it in every business owner’s best interest to safeguard their organization as much as possible.
​
Here are five common questions business owners and nonprofit organizations face about cybersecurity breaches:

What types of breaches are possible?
Businesses are seeing the full gambit of cyber attacks, ranging from man-in-the-middle-schemes to classic malware and phishing attacks. In most cases, the criminals are after credit card and banking information. However, a recent FBI report on identity theft noted that personnel records are becoming a growing area of concern.

Rather than attack a business directly, criminals break into a system and steal employee personal information. Then they use it to create “ghost identities.” As these attacks may not be recognized for some time after they’ve occurred, it can be difficult for authorities to combat them. Seasonal businesses are especially vulnerable to this type of attack, as fluctuations in employee numbers can make it difficult to establish links between victims.

How much could cyber attacks cost a business?
Estimates of what a cyber attack can cost a business vary greatly. The size and type of business affected are major factors in determining the costs. At a minimum, a small retail establishment or seasonal business might lose $38,000 to $55,000 due to an attack. This number includes lost productivity and the cost of paying for professional expertise to fix the security breach. This does not include damages to victims, fines and legal fees which could be exorbitant and reach the millions. READ FULL ARTICLE