by Labyrinth Law, August 24, 2016
When you look at cybersecurity risk from the perspective of a small to medium-sized business, the stats are scary. Small businesses are rapidly becoming a favored target. The assumption of most small business owners is that they are insignificant - too small to attract the interest of a cyber criminal. But the truth is that malware doesn't discriminate. New attack vectors are mass-produced and can attack thousands or millions of targets the moment they are released. These attacks are launched by automated tools programmed to discover vulnerabilities, not to choose targets based on company type or value.
According to the 2016 Internet Security Threat Report (ISTR) by Symantec, almost half of cyber-attacks worldwide in 2015 were against small businesses with less than 250 workers. A survey commissioned by Nationwide Insurance Company in late 2015 revealed that eight in ten small-businesses don't have a basic cyber-attack response plan.
An even scarier prospect is that a cyberbreach can actually bankrupt a small to mid-sized company. Companies that fall victim to an attack can face crippling costs ranging from the interruption of normal business operations, to loss of customers, damage to reputation, and mitigation costs. The fallout from an attack can be so severe that a staggering 60% never recover and go out of business within six months.
Taking security for granted is no longer an option. Not only do you run the risk of a cyberattack but you also run the risk of becoming the next negative example on the growing list of companies fined and audited by the FTC or other federal and state regulators. Check out our infographic below to learn more about how to protect your organization.
This infographic on Legal Issues in Cybersecurity and Data Privacy by Labyrinth Law PLLC may be shared under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License