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Cyber Security

Are Businesses Putting Security Basics in Place?

 April 22, 2020

By  Tim Starnes

The Hard Truth of Cybersecurity Incidents:

According to The National Cyber Security Alliance, 35% of SMBs (small-to-medium businesses) that experienced a cybersecurity incident in 2019 filed for bankruptcy or closed their doors due to incident fallout. 

The following statistics are pulled from a cybersecurity report by Verizon, who conducted a mobile security index for 2020, pertaining to SMBs (small-to-medium businesses).

11% of SMBs interviewed have implemented basic security policies. 

Security is Important, is That Well Known?

  • 77% of SMBs are cognizant that their business is at moderate risk of attacks.

Is Security A Real Concern?

  • 92% of SMBs reported that they believe mobile device security should be taken seriously – more so than today.
  • 81% of SMBs estimate their risk to be between moderate and significant.
  • 72% of SMBs gauged that their employees are their single greatest risk when utilizing mobile devices.
  • 69% of SMBs worry about customer data theft.
  • 67% of SMBs fear employee records are at risk of theft.
  • 55% of SMBs believe that they have larger losses at risk than large corporations or businesses.
  • 52% of SMBs believe that they would be able to respond to security incidents faster than larger organizations.
  • 49% of SMB respondents reported that they do not provide their employees with ongoing IT security training.
  • 39% of SMBs believe they are a bigger target than large corporations or businesses.
  • 38% of SMBs fear theft of their organization’s intellectual property.

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Are Businesses Putting Security Basics in Place?

Sadly no, not if look at the statistics. While almost every business surveyed said cybersecurity was a top concern, very few are doing anything, let alone enough to protect themselves from the risks.  This becomes apparent when you take into consideration that 35% of businesses that experience a cybersecurity incident in 2019 filed for bankruptcy or closed up shop, but only 11%, as mentioned above, are implementing basic cybersecurity practices. 

  • 11% of SMBs interviewed have implemented basic security policies. 

According to The National Cyber Security Alliance, 35% of SMBs that experienced a cybersecurity incident in 2019 filed for bankruptcy or closed their doors due to incident fallout.

To make things worse:

  • 50% of SMBs restricted data access to only those necessary.
  • 41% of SMBs replied that they change default or vendor-set passwords.

Looking at this study it becomes evident that we have a long way to go in getting businesses and business owners to take cybersecurity seriously.  The silver lining in all this though, is that if you are a part of the 11% that’s implementing even the basics of cyber security you are miles ahead of the competition. 

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