Risk & Business Magazine Marcotte Magazine Fall 2017 | Page 30

CYBER-ATTACKS
Bracing For A
Cyber-Attack:
What You Need To Know
P
reparing for a potential cyber-
attack is one of the most
important things you can do
for your business this year. It’s
easy to get lulled into believing
that this kind of crime can only happen
to the Targets and Walmarts of the
world, but it’s simply not true. According
to a 2016 report on Fox Business, small
mom-and-pop businesses are being
deluged by cyber-attacks—to the verge
of bankruptcy for many entrepreneurs.
As large businesses have become uber
savvy about protecting themselves in the
wake of major data thefts over the years,
hackers have increasingly looked to small
businesses, which tend to have far fewer
protections in place.
In recent years, nearly half of all hacking
incidents worldwide have been targeted
toward businesses with fewer than 250
employees. Information stolen through
these cyber-attacks has been used to
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perpetrate crimes such as identity
theft, fraudulent tax filings and health
insurance fraud. Even the US government
is taking notice, with a proposed Senate
bill designed to strengthen technology
safety measures for small businesses.
The evidence of increased threats is
everywhere, according to these statistics:
•
In the last twelve months, hackers
have breached half of all small
businesses in the United States
(2016 State of SMB Cybersecurity
Report).
• Eighty-seven percent of small-
business owners don’t believe that
they’re at risk of a cybersecurity
attack (Manta).
• In 2015, fraudulent email
campaigns targeted small
businesses 43 percent of the time
(Symantec).
• One in three small businesses don’t
have adequate protection—anti-
virus software, firewalls, data
encryption technology and other
tools—against cyber-attacks
(Manta).
•
About 60 percent of small
businesses that suffer a
cybersecurity attack go out of
business within six months
(National Cyber Security Alliance).
Who is at risk? Pretty much everyone.
If your business has customers and
a computer system, that is. Names,
addresses, driver’s licenses, and credit
card numbers are all examples of
Personally Identifiable Information (PII),
which is appealing to cyber criminals. In
addition, Protected Health Information
(PHI) is considered even more valuable
by some