VIEWpoint Issue 1 | 2019
2018-2019 Tax Planning Guide
VIEWpoint Issue 2 | 2018
IRS Proposes Withholding Tax on Retirement Plan Distributions for...
Trump Signs Bipartisan IRS Reform Legislation into Law
The Tax Implications of Being a Winner
If youâ€™re a small to mid-sized business the big question is â€“ is your business prepared for a cyberattack?
According to a study from Symantec, 83 percent of smaller businesses have no formal plan to put in action in the event of a cyber security threat.
This is likely because many small to mid-sized business owners do not view hackers as a threat â€“ after all, they have less money, a smaller client base and a lesser-known brand than larger-scale organizations. Until recent years, this may have been enough to stave cyber criminals away; however, the reality is that cyber criminals are now targeting smaller businesses more frequently than large iconic ones.
Businesses of all sizes store employee and consumer data, which may include personal, financial or health information, that may be lucrative on the black market. Still, there are a few key factors setting small to mid-sized businesses apart making them more desirable targets for cyber criminals, such as:
Cyber criminals are constantly coming up with new ways to breach security and steal information, but in most cases, they will target smaller businesses using one of these three methods:
Though your company is not large, the potential cost of a data breach is still big. The Ponemon Institute estimates the average cost of a cyber breach to a small to mid-sized business is over $2.2 million. Further, over 60 percent of these businesses that experience a data breach go out of business within six months of the incident. So, how can you protect your company from such a dramatic loss?
For more information on preventing your small to mid-sized business from becoming a victim of cybercrime, contact Doeren Mayhewâ€™s cybersecurity advisors today. We offer a suite of CYBERCLAWâ„˘ solutions geared at helping businesses like yours mitigate cybersecurity risks.
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