A security breach can severely damage a firm’s reputation and even result in a loss of profit or a leak of private information. How can small-to-midsize businesses who have limited security budgets protect themselves from hackers and identity thieves?
As companies across the globe are relying more and more on computers and technological data storage, they are becoming increasingly vulnerable to security risks and data breaches. For SMB firms, this risk is especially high due to their small security budgets. In 2011, 72% of data breaches involved organizations with 100 or fewer employees.
Many hackers target midsize companies that have a large revenue but a minimal security budget, especially because these companies often have “side door” access to even larger companies’ data. Small businesses are also often at the mercy of larger company’s security risks, such as in the Yola cyber attack of 2011. The Federal Trade Commission and U.S. Department of Health and Human Services have instituted numerous regulations to help protect customers from companies’ breaches in data.
For small-to-midsize businesses, the goal of instituting new security measures is often to maintain a balance between cost and risk. SMB firms have turned to stronger passwords, firewalls, threat modeling, insurance companies, and managed security monitoring as ways to limit their exposure to hackers. This eBook will alert financial executives of various security risks and provide methods to prevent them.
Topics covered in this eBook include:
- Collaboration risks and the need for centralized data storage;
- The exposure of company records through digital copiers’ hard drives;
- Examples of past data breaches and their impacts on companies and customers;
- How to balance security costs and risks;
- Security risks in the Cloud and cyber-liability insurance.