Cybersecurity is the method or methods that business owners employ to protect their internet-connected systems, such as their hardware, software and/or other data systems, from unauthorized access.
When the world was young, there were only a few ways to steal from an average person. Robbery, burglary, larceny and perhaps, even extortion, come to mind. In some cases, you saw the person who was doing it or the direct results of the act. In other cases, you didn’t, but you knew it had happened in time. Cyber theft is a little different. The thief is somewhere at the other end of a seemingly invisible network and often undetected.
The overarching questions are how and why does it happen? How do you protect yourself and your data? Personally Identifiable Information, or PII as it is called, is easily sold, in high-demand, and not particularly traceable -until it is too late.
New cyber threats and attacks are always being developed. Older software or outdated equipment can leave your business exposed. Attacks are never scheduled, at least by you.
Hoping it will not happen is never a good strategy. Take the time to think about how to keep your system – and business – safe. More than 58% of U.S. small and medium sized businesses do not have a contingency plan that outlines procedures for responding to and reporting data breach losses. 44% of those small businesses reported that they were victims of a cyber-attack which cost them, on average, $25,000.
The financial services corporation, VISA, estimates that 95% of all data breaches are from small businesses and cybercrime reached $4.2 billion in 2020.
Fortunately, protecting your system is not particularly complicated or expensive. Get started by learning about common cyber threats, understanding where your business is vulnerable and then take steps to improve your cybersecurity. SBA, DHS and other Federal agencies offer free or low-cost training and assessment tools at www.sba.gov/cybersecurity.
In addition to best practices like securing your network and backing-up your data, training your employees is key to any effective cybersecurity plan. Many times, complacency is the reason a data breach occurs. People are often the most common denominator of all threats. Current employees make mistakes, former employees may have made mistakes and current or former disgruntled employees are always an outlier for exposure. Train your staff to think about threats. If an offer sounds too good to be true, it usually is. The Department of Homeland Security’s “Stop.Think.Connect” campaign offers training and other materials.
Considering that a cyber breach occurs every 20 seconds, businesses of every size risk experiencing an attack. To protect yourself and your business, use the resources offered by the SBA. Connect with one of our partner advisors who can assist you to assess, develop and implement your plan to improve your cybersecurity. Visit www.sba.gov/local-assistance to find and schedule an appointment with your local Arizona Small Business Development Center, SCORE Chapter, Women’s Business Center or Veteran’s Business Outreach Center. Our SBA Resource Partners offer business counseling services free of charge.
Robert J. Blaney has served as the district director of the U.S. Small Business Administration for the State of Arizona since 1998. His varied experience includes work as a federal agent, police officer, vice-president of an insurance brokerage and district director for the late Congressman Jack Kemp. He is a native of western New York and a graduate of the State University College of New York at Buffalo.
