The headline sections are dominated by stories about data breaches affecting large businesses and brands. Word of a cybersecurity breach at a nearby store, pharmacy, or coffee shop seems to make news solely over the family dinner.
When you own or run a small or personal business, you must take precautions to reduce the consequences of a data breach.
A data breach not only has a negative influence on your bottom line, but it also takes significant time and resources to fix and can have a terrible Reputation effect if your consumers don’t feel their information is kept safe at your disposal.
According to some estimates, 60 percent of cyberattacks are directed at small businesses, as per the Global Security Alliance. The financial consequences of fraud, virus, and ransomware assaults can be horrific.
What cybersecurity risks you may encounter as a small business owner?
What are the benefits of cybersecurity for a small business?
Though your business may not have billions of dollars in the bank, cyberattacks may occur in any company, irrespective of size.
The first step in safeguarding your digital assets is to adopt a small business cybersecurity checklist. If they stay unguarded, your business might suffer a loss of consistency.
If you are a small business owner, you probably believe that your company is too small to be targeted for this type of crime. In reality, the opposite is true: because small businesses seldom spend enough on security or training, they become the simplest target for cybercriminals.
Have a look at these stats:
- According to Verizon Data Breach Investigations Report reports of 2019, 43 percent of all cyberattack victims are small firms.
- The last twelve months have witnessed a rise in cyberattacks aimed at small businesses. Almost half of the victims are owners of small companies.
- On average, a business suffers a loss of $200,000 in case of a cyberattack. This amount is huge for small businesses, especially the ones without proper cybersecurity plans.
- Another recent study found 60 percent of small companies go bankrupt and fold within 180 days of a cybersecurity breach.
According to these findings, your small business is most likely the focus of at least one kind of potentially devastating cyberattack. However, there are numerous easy measures you can put in place right now to protect your business.
Data Breach response plans you can implement with immediate effect
It is not easy to create a response plan, often defined as an incident response plan or a data breach response plan. This will require some time, dedication, analysis, and resources on your half. But also, once you’ve built your plan, you’ll have to monitor and improve it on a routine basis.
When it comes to creating a robust data breach response plan, you don’t have to start from scratch. When you are attacked, having this plan in motion will assist reduce at least some concerns.
Some cybersecurity plan templates that best fit small businesses
- Data Breach Response Plan
This guide demonstrates what a complete data breach response plan can and should look like for firms that are just beginning to think about establishing a plan or those wishing to improve operational practices. It also demonstrates how to put one of these in place to tackle the upcoming security issues.
The guide includes a quick questionnaire to determine how competent you are currently.
This guide leads you over everything you need to know after you’ve been breached, including who to inform, example letters to notify concerned people, and much more.
If you already have a plan in place, this guide can help you cover any gaps that you may not have considered. In these two publications, the Federal Trade Commission also provides information on how to better prepare for and protect against cybersecurity threats, Start with Security: A Guide for Business and Protecting Personal Information: A Guide for Business.
This latest cybersecurity toolkit is particularly developed for small and medium-sized businesses around the world. It also provides concrete guidelines and resources with detailed directions to counter the growing amount of cyberattacks on small companies.
Data security isn’t any luxury item anymore. It is a must for all businesses, large or small. If you lack the internal resources to adopt security measures, it may well be time to consider hiring a professional to do it.
We realize that almost every firm could face some form of security nightmare at some point in its history. That is why it is essential to incorporate cybersecurity into all aspects of IT services.