There is no business irrespective of size and breadth, that is unknown to a data breach which is continuing to make headlines as they are trespassing major sites in the retail store market. It is the small businesses that are largely affected by a data breach, while it is quite surprising that the small businesses do not even have a vague idea of the ramifications of a data breach with 83% of them not having a decent cyber security plan in the first place.
Running an enterprise without a secure end-point is highly risky and infuriating data breaches become quite common. An example in study is Careen, Dubai’s fastest growing startup that was made the victim of a cyber attack that affected 14 million users. This just goes to prove that SMEs are very vulnerable to cyber crime.
Though it seems that it is the large businesses that are directly in the cross hairs of a data breach, the small businesses are more often than not the ones who are targeted the most. Researchers have proven that small businesses stand to lose $ 60,000 to $1,60,000 in case they are penetrated by a data breach.
These statistics are quite scary and it has been found that IT staff are the very first line of defense in protecting your organization from a cyber attack but invariably so, it is they who give cyber crime perpetrators an opening by passing the reins of your company or outsourcing to an IT staffing company. Also, it should be monitored that only authorized employees have access to your data.
EMV Technology Adopted Credit Cards:
The major problem seems to be that small company owners use the company credit cards to make major purchases leaving the business front and finances open to hackers. A Solution to this end is to adopt EMV Cards that allow only the rightful owner to use the card with no fraudulent purchases that originate from the microprocessor based chip card. EMV Cards are already prevalent in Europe and Asia and is slowly gaining traction in U.S.A.
Data Protection At All Times:
Companies are following BYOD norm (Bring Your Own Device) which is very convenient for employees in that they can work from any remote location but BYOD norm endangers the perennial question of security. The cyber attacks due to BYOD can be avoided by instilling certain rules and regulations regarding its use by installing antivirus software and limiting free downloads.
Many people still fall for that old gag. The gag is phishing emails which poses a security risk to any company. Similarly, Social Media engagement is also a vulnerable entry point to cyber attacks and it is advised to educate the employees to the pros and cons of social media engagement.
In today’s age and landscape, it is highly improbable to not succumb to data breaches that have become very real with presence seen in all engagements. By taking certain precautions, small businesses can minimize risks and protect themselves from scathing incidents such as these.