[adning id=”12070″]

[adning id=”12070″]

Half of small businesses close after a single cyber attack

According to the United States Securities and Exchange Commission (SEC), about 60% of SMEs go out of business within six months of a data breach or cyber attack. 

“Cyber security is clearly a concern that the entire business community shares, but it represents an especially pernicious threat to smaller businesses,” an SEC report noted.

“The reason is simple: small and midsize businesses are not just targets of cybercrime, they are its principal target. Even more disconcerting is the fact that cybercrime represents an existential threat for SMEs.”

Global cyber security group Cimcor noted that data breaches are one of the top concerns for today’s small businesses, with the average breach costing small businesses $US3.62 million ($5 million).

Cimcor CEO Robert Johnson III says one of the best ways for businesses to remain vigilant is to monitor suspicious network activity.

SBW24

“Suspicious network activity can refer to a number of different behaviours that involve abnormal access patterns, database activities, file changes, and other out-of-the-ordinary actions that can indicate an attack or data breach,” he said.

“Being able to recognise these activities is important as it can help pinpoint the source and nature of the breach, allowing you to act quickly to correct the security threat and minimise damage.”

How businesses can secure their data

Cyber training for all staff and a comprehensive security strategy are essential if businesses are to avoid the existential threat of a cyber attack.

Cimcor suggests the following items should be included in your data security strategy:

  • malware protection
  • strong password policies
  • regular review of network alerts, error reports, performance, and traffic
  • installing firewalls
  • instructing end users to report suspicious activity
  • file integrity monitoring
  • regular risk assessments
  • incident and failure response strategies.

Learn more about this topic

at SmallBiz-Week

Forum tickets on sale now 

Facebook
Twitter
LinkedIn
Email
Print

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?