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21 February 2017

Dangers of Not Securing Your Data

Dangers of Not Securing Your Data

Data breaches can ruin businesses of all sizes. Most are caused by innocent employee mistakes: clicking on a phishing email, losing a laptop; or misplacing a smartphone with company data in it. Assuming your business is too small or too low-tech to fall victim to data theft could be a devastating mistake. The truth is that more than 70 percent of attacks target small businesses. What’s more, about 60 percent of those suffering major breaches never recover, ultimately going out of business within six months.  

If you’re still not convinced data security is critical to your business, here are some additional startling statistics that may make you change your tune.

More than 75 percent of employees leave their computers or laptops unsecured. 

Nearly 70 percent of IT managers believe their organization had a data breach as a result of employees using their mobile devices to access their company’s sensitive and confidential information.

Thirty-nine percent of employees admit to opening emails that they suspected might be fraudulent or contain malware.

A whopping 9 out of 10 IT service providers for small businesses report recent ransomware attacks (one of the most financially devastating and fastest-growing email schemes). In fact, 60 percent reported 1-5 ransomware attacks against small businesses in the first 6 months of 2016 alone.

The average cost for a small business to recover from a data breach is $36,000.

The cost of a single stolen customer record is $154 and, if customer records are compromised, the laws in 48 states require timely notification of every party affected, which adds more expense. 

If you’ve never consulted an IT service provider about data security, this might be the year to do it. The livelihood of nearly every small business is now tied to technology—whether you’re a restaurant, healthcare provider, service provider, retail business or manufacturer—and the threat to and through those technology channels is increasing every single day.

Image Copyright: weerapat / 123RF Stock Photo

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