Nowadays, no one is safe from being the target of a cyberattack, especially as more businesses move to the cloud: The U.S. SMB cloud computing and services market is expected to grow from $43 billion in 2015 to $55 billion in 2016. Read this guest blog from our partners at Mimecast to learn ways to protect your business.
This means that organizations across all industries globally have a lot to worry about when it comes to security, as ransomware, phishing and impersonation attacks are only becoming more sophisticated and damaging. But according to new data, small and mid-sized businesses are especially prime targets – they are hit by 62 percent of all cyberattacks, about 4,000 per day.
Cyberattackers will do anything they can to infiltrate your organization, even if it means playing dirty. Through tactics like social engineering, attackers identify their target. Then, they use email, almost always, as an entry point to steal data, employees’ personal identification information, tax documents, and cash – they can even hold your systems hostage and put productivity into lockdown.
What does all of this mean? For most businesses, cyberattacks can result in downtime, data, and financial loss. However, medium enterprise businesses have a lot more to lose. The U.S.’ National Cyber Security Alliance found that 60 percent of small companies are unable to sustain their business over six months after a cyberattack. And, according to the Ponemon Institute, the average price for small businesses to clean up after they have been hacked stands at $690,000 – for midsized companies, it’s over $1 million.
Being a medium enterprise means you need a plan. Today, defending against insidious attacks requires a broader focus, beyond just security. You need a realistic approach to cyber resilience planning that spans security, data protection, businesses continuity and end-user empowerment. Medium enterprises are often high growth, increasingly complex and global. And, they don’t always have large IT or security teams, or budgets. This means they have high-level requirements without large enterprise money. That’s okay. With the right vendor, you don’t need enterprise-level resources or budget to implement an effective cyber resilience strategy.
If you want to keep your business running, you need to act now. The quickest, easiest and most effective way to start the process of becoming more cyber resilient is to focus on one of your organization’s most vulnerable links – your employees. Educate and empower your entire organization on good security practices. Teach employees to:
- Pay attention to things like requests for financial transfers, domain names, and website addresses.
- Think before they share too much information on social media. Cyberattackers troll sites like Facebook and LinkedIn for personal details and whereabouts.
- Never share credentials or click on suspicious links– even if the email looks like it is from a legitimate bank or financial institution.
Building out a cyber resilience strategy is no longer an option. In fact, whether or not you have a cyber resilience strategy in place could be the difference between life and death for medium enterprise businesses.