Cybersecurity is critical to all businesses, especially small businesses. In order to understand cybersecurity, we’ll begin our Cybersecurity Basics with some definitions, why cybersecurity is relevant to small businesses, and a review of some of the legal requirements associated with data security and consumer privacy.
Cybersecurity Basics
Terminology
Cyberspace is the global interdependent network of information technology infrastructures, including the Internet, telecommunications networks and computer systems. Information Systems are a discrete set of information resources organized for the collection, processing, maintenance, use, sharing, dissemination or disposition of information. Cyberattacks target an enterprises’ use of cyberspace for the purposes of disrupting, disabling, destroying and/or controlling data. Cybersecurity then, is simply the ability to protect or defend the use of cyberspace from cyberattacks.
Why Cybersecurity?
A whopping 44% of small businesses were the victims of a cyberattack in 2016. 36% of these cyberattack victims lost money at an average annual cost of $79,841. Nearly 60% of businesses fail within 6 months of a cyberattack. And 59% of small businesses have no contingency plan even though 66% of all cyberattacks target small or medium-sized businesses.
In short, every business is at risk for a cyberattack.
For general information on cybersecurity, visit: SBA/Microsoft Cybersecurity 101, SBA Cybersecurity for Small Businesses, and NIST Cybersecurity Workshop.
For more statistics on small business cybersecurity visit: Department of Homeland Security, Better Business Bureau, UPS Capital
Need more help understanding cyber security? Set up an appointment with a small business counselor