It’s never a pleasant exercise preparing for possible disaster, especially when your small business is thriving and you’re feeling on top of the world, but having data protection in place, much like household insurance, is a vital component of the security of your business. Cisco’s <SMB Cybersecurity Report> IT reveals that more than half of the small and medium-sized businesses (SMB’s) surveyed (1 816 across 26 countries) experienced a data breach in 2017. One in five said it cost them between $1 and $2.5 million. [Source]
Small-to-medium businesses are as vulnerable to cyberattack and data breaches as large companies. The difference is that larger companies can take the fall, as financial losses may be a drop in the ocean compared with overall revenue. Research in the last decade suggests 60% of SMBs experiencing data breaches – and subsequent financial losses – are likely to go out of business within six months. Which is why playing it safe is the best thing to do.