In 2017, 60% of cyber-crime was targeted at Small and Medium Businesses (SMBs). More than half of those attacked closed their doors 6 months later due to the financial repercussions.
Before reading this article, take a second to reflect on the valuable assets which your business owns.
Did you consider data as being one of your most valuable assets?
Insurance covers your machinery, tools, vehicles and building – but what do you have in place to protect your data?
Over your years in business how much time have you spent building up your business intelligence? Think customer databases, your strategy, accounts, market research etc.
We regularly ask business owners the same question: How long could your business survive if you lost access to your data and/or had to rebuild from scratch?
Criminals target small and medium businesses because;
- You’re busy working in your business and often cyber security is at the bottom of a long to-do list
- Your cyber protection may not be as comprehensive as larger businesses
- Often your business can provide access to a larger business network – for example, if you work for larger clients and have access to shared files, log-ins etc then you’re a prime target!
So, the big question – Why do criminals want YOUR data?
- Malicious purposes (bribery, deception etc)
- To sell to other criminals (there’s a marketplace for company data and criminals will pay good money for it to help build their mailing lists or for phishing scams and even identity theft)
- To sell it to your competitors!
What can you do?
- Tighten up your cyber security, here are a few tips to get you started
- Cyber protection insurance – this relatively new protection is available to help insure your digital assets, complete our FREE questionnaire here
- Train yourself and your staff in what to look our for with cyber hack attempts, start by reading this article
- Organise an appointment to meet a member of our team, we will simply ask you how you currently use technology in your business and work out a strategy to ensure that technology keeps your data as secure as possible whilst also adding tangible value to your business.