Broker Check

Businesses Still Don't Have Cyber Protection

November 06, 2020

Despite all the publicity about data breaches and ransomware attacks; despite the financial loss and if publicized the reputational loss to a breached business; despite the possibility that an attack could destroy a business: an alarming number of businesses have no protection against a cyber attack.

As reported in a Cyber Security Intelligence post, IBM analyzed 524 recent breaches across 17 geographic areas and 17 industries in their annual "Cost of a Data Breach" report. 45% of small businesses have taken no action to protect themselves, and 79% of those believe their firm is too small to be a target. (Hint: if you have data a thief can sell, you are a target.)

In another survey, insurer NFU Mutual found that only 55% of small businesses have at least one cyber security measure. Only 24% have more than one. 47% feel more vulnerable working from home. 16% believe their IT suppliers will look after their cyber security needs.

With cyber crime increasing every year, every organization no matter how small needs to have a cyber security audit and put appropriate protections in place.