One can never stress enough the importance of cybersecurity to the business and even the country. In the 2018 cost of data breach report, this cyber issue cost a whopping $3.86 million. It was nearly 7% higher than in 2017 information. To make matters worse, cybercrimes will only become more complicated in the future. Kaspersky believed that by 2020, at least two main groups would dominate.
One of these will be more business-centric. Their “work” will involve beyond stealing data files for sale in the black market. They will participate in online business warfare. In other words, they will engage in reputation smearing. The other group might target systems that can affect a person’s daily life, such as transportation. They can steal or change data.
Most stories that people hear about cyberattacks involve large companies, but they can be just as hurtful for small businesses, which make up over 85% of enterprises in the country. These small companies have the potential to lose as much as $80,000 annually due to these attacks. Unlike big businesses, they might not have sufficient cash flow to cover such losses. This explains why a significant percentage decides to shut down within six months after the crime.
One of the strategies to defend a business against attacks is investing in cybersecurity. Learn more about it here:
What are the different options available?
Companies can implement cybersecurity in many different ways. For example, they can consider cybersecurity managed services. In this setup, an independent team assesses the business’s vulnerability to attacks, as well as implement strategies to reduce the risks. Most of all, it conducts 24/7 monitoring.
This service provides several advantages to the business. For one, it doesn’t need to hire and be forced to maintain a team. Second, they can already rely on knowledge and expertise. It can even be a cost-effective option. Services can be scalable. It’s not uncommon for such companies to offer packages.
Another popular option is an in-house team, which is the opposite of managed services. Its advantage is greater control over the performance. For companies that lack enough know-how, though, having cybersecurity in-house might not be a good idea.
How can companies improve their cybersecurity measures?
Besides building an IT security team, the company can also consider the following cybersecurity measures:
- Identify and limit the people who have access to data, so there will be accountability and control
- Create an IT security plan, which includes steps to follow when there’s a data breach
- Educate employees on the importance of cybersecurity and what they can do to reduce exposure to cyberattacks
- Invest in high-quality cybersecurity programs and tools, including a firewall or antivirus app
- Draft policies for the company’s bring-your-own-device (BYOD) program
- Review existing IT policies or plans on a periodic basis
- Keep track of the newest cybercrime methods
- Work closely with the IT security team, as well as relevant government agencies (such as Homeland Security)
Cybersecurity is now one of the growing threats in the United States and all over the world. Both the government and the private sector are investing heavily in it. Small businesses can do their part by seeing the value of having an IT security team.