While we’re all accustomed to hearing about the data breach of one Fortune 500 company or another, the cyber threats facing small and mid-sized businesses are often unknown or otherwise ignored. Help protect your business by avoiding these 3 common cyber security misconceptions.
CYBER CRIME ONLY IMPACTS LARGE COMPANIES
Despite most small business owners believing they won’t be targeted for cyber crime, they made up the majority of reported data breaches in 2017 (1). Many cyber attacks are automated and have no specific target – they are just as likely to attempt an attack on a business with 2 employees as one with 2,000.
Furthermore, some cyber criminals even specialize in targeted attacks on smaller businesses who likely have less controls in place to protect them.
MY BUSINESS DOESN'T HAVE ANY CYBER EXPOSURES
Just because you aren’t a tech company doesn’t mean you don’t have cyber exposure. Any business who has an email address, website, or simply keeps digital records has cyber exposure. All it takes is an employee clicking a link and you could have a data breach, be victim to ransomware, or cause clients and/or trade partners to be infected.
Ignorance to your firm’s cyber exposures dramatically increases the likelihood you’ll fall victim to cyber crime.
CYBER RISK IS (ALWAYS) COMPLEX
Like cyber threats, cyber risk management techniques are numerous and diverse in complexity. Some of the most effective components of a cyber risk management program require little technical know-how or financial investment. For example, training employees on how to identify and report suspicious emails can be done in one brief meeting with limited technical knowledge.
If you aren’t comfortable conducting the training yourself, we recommend asking your insurance broker for assistance.
As part of our cyber risk management suite, Niedermeyer Risk Management has created a free Cyber Risk Exposure Scorecard to identify potential exposures. Contact me today if you’d like access to our scorecard or learn more about our cyber risk management services.
Jacob Mosiman, Associate Partner
(1) "2018 Data Breach Investigations Report", Verizon.