Introduction
The world is growing more connected every day, which means that it’s also getting more vulnerable to cyberattacks. When you think of cybersecurity and data security, the first thing that comes to mind are large and well-known companies — like Yahoo! or Equifax. But these companies aren’t the only ones at risk of suffering a data breach. Small businesses are equally as susceptible to hackers who want your information for monetary gain or political influence. So what can you do about this? It starts with understanding what happens when hackers get their hands on your data and why smaller outfits are just as likely to have their information compromised as larger businesses are:
Cybersecurity is getting more and more important as the world grows more connected.
- Cybersecurity is getting more and more important as the world grows more connected.
- The number of people connected to the internet has increased dramatically in recent years, with over 3 billion people currently online. It’s predicted that this figure will reach 5 billion by 2020.
- In addition to this dramatic rise in internet users, there has also been an equally significant increase in businesses going online and collecting data about their customers. This means there are now many more devices connected to networks than ever before, transmitting large amounts of information around the globe every single day – from emails containing sensitive financial details through to apps collecting personal data such as photographs or GPS coordinates on smartphones or tablets – all while exchanging information between each other via apps or websites that require you sign up using Facebook accounts etcetera (so they can access even more info).
Cyberattacks are getting bigger and bolder.
Cyberattacks are getting bigger and bolder. While businesses of all sizes can be targeted, small businesses are the most vulnerable to cybercrime. Smaller firms often have fewer resources than larger companies to defend against attacks, which makes them an attractive target for hackers looking for a quick payday.
One reason for this is that it’s easier for hackers to find vulnerabilities in smaller companies’ networks because less time has been spent protecting them from threats like malware and phishing scams–the types of attacks most likely to be successful against small businesses with limited technology budgets and staff training programs in place at the time of an attack (or ever). In addition, because many small businesses don’t have dedicated IT departments or full-time employees who focus exclusively on data security issues such as encryption techniques or firewall configuration management policies (for example), they’re less likely than larger firms with sophisticated internal controls over their networks’ access points (like firewalls) that prevent unauthorized users from gaining entry into sensitive systems like those containing customer credit card information
A data breach can lead to fines, lawsuits, and reputation damage.
- Small businesses are at risk of data breaches as well. According to the Ponemon Institute, a study on data breaches found that the average cost of a breach is $3M, but it can run into the millions depending on how many people are affected and what type of information was stolen.
- It’s not just large businesses that make headlines when they suffer a data breach either–smaller companies often go unnoticed by the media until their customers begin reporting fraudulent charges on their credit cards or discover that their personal information has been stolen and used for identity theft purposes.
Data breaches are becoming the norm.
Data breaches are becoming the norm. While they may still be largely associated with big companies like Target, Home Depot and Anthem, you should know that data breaches can affect small businesses too. In fact, according to a study by IBM Security and Ponemon Institute (a research group focused on information security), 97{b863a6bd8bb7bf417a957882dff2e3099fc2d2367da3e445e0ec93769bd9401c} of all attacks target small-to-medium-sized businesses (SMBs).
These days if you have any type of online presence–whether it’s a website or social media account–you need to take extra precautions to protect your data from being stolen by cybercriminals or hackers.
The costs of a data breach can run into the millions.
The costs of a data breach can run into the millions, and if you’re not prepared for it, they could be your responsibility.
For example, in 2018 Equifax was fined $575 million by the US Federal Trade Commission (FTC) after hackers stole Social Security numbers and other personal information from more than 143 million Americans in 2017. The company also settled with several states over its handling of this breach for $87 million more. In total, that’s nearly $650 million in fines alone – not counting any lawsuits or reputation damage that may have occurred as a result of this massive hack. And that doesn’t include legal fees or lost business due to customers feeling unsafe using Equifax services because their personal data was compromised by hackers who exploited weaknesses in their system design
The size of businesses doesn’t matter. Small, medium, large and all types of business are at risk.
The size of your business doesn’t matter. Small, medium, large and all types of businesses are at risk. Data breaches are becoming the norm in today’s world. A data breach occurs when personal information is compromised or lost due to theft or other unauthorized disclosure (such as a cyberattack).
Small businesses often fall victim because they don’t have the resources to defend against attacks like large companies do.
Larger businesses make headlines when they suffer a data breach, but it’s not just them that are at risk. It happens to small businesses every day as well.
It’s a sad fact that small businesses are not exempt from data breaches. There are many examples of this happening, and they’re not all big-name companies that make the headlines. In fact, some of them happen to be smaller operations in your neighborhood or town. While larger businesses make headlines when they suffer a breach, it’s important for you to know that it can happen to any organization–including yours!
Small businesses don’t have the same resources as larger ones do when it comes to protecting themselves against cyberattacks and other threats like ransomware attacks (which lock up your computer until you pay up). This means that many smaller companies don’t have enough money invested into security measures such as firewalls and antivirus software–and even if they did invest in these things initially, they could find themselves needing additional funds down the road due to changes in technology or new threats arising out there online today.”
The next time you’re asked to hand over your social security number or other personal information online or via phone call, think about this article.-
The next time you’re asked to hand over your social security number or other personal information online or via phone call, think about this article.
- Be aware of the risks: The first step in protecting yourself is recognizing that there are many ways that criminals can use your personal information. Some may not seem like much at first glance–such as when someone asks for your birthday so they can send you a free gift card–but there’s no guarantee that these offers are legitimate and even if they are, giving out too much information could lead to identity theft later on down the line. If anything seems fishy, trust your instincts! And if something does feel off about an offer being made by someone who has access to sensitive data (like account numbers), contact them directly before responding so you can verify whether or not it’s legitimate business practice.*
- Think twice before sharing personal details: If someone ever asks for any type of sensitive data over email or phone call it should raise red flags immediately because most companies will never ask customers directly for their Social Security numbers or bank account details unless absolutely necessary.*
Conclusion
We hope that this article has shown you just how important data security is and the risks of not taking steps to protect your business. We believe that every small business owner should take action now to protect themselves and their customers from cyberattacks by implementing some form of access control system into their daily operations.
