Preventing intellectual property theft and other cyber intrusions can help your small business stay competitive within your industry. Smaller businesses may be even more at risk of data breaches and ransomware than their larger counterparts. Verizon’s 2018 Data Breach Investigations Report indicates that 61 percent of reported breaches targeted small businesses, a significant jump from the 53 percent reported in the 2017 report.
A Staggering Cost
UPS Capital reports that the cost of cyber intrusions, data breaches and cyber attacks on small businesses range between $84,000 and $148,000. For most small businesses, these financial losses can be enough to sink the business permanently. The same report indicated that approximately 60 percent of companies go out of business within six months of a major data breach or cyber attack. Taking steps to protect your company against these serious issues can prevent devastating damage to your finances and your public reputation.
Small Businesses Specifically Targeted by Hackers
Additional statistics compiled by UPS Capital indicate that about 90 percent of all small businesses lack any cyber security plan for their corporate data, making them easy targets for hackers. In some cases, confidential financial information, payment data and proprietary software may be left without any real protection against cyber attacks. While cyber security investigations may be able to track down wrongdoers after the damage has been done, implementing measures to prevent intellectual property theft can protect your company against serious damage to its reputation and to its financial bottom line.
Protecting Your Digital Assets
Working with a professional cyber forensic investigations company can provide your company with expert support after a data breach. These dedicated technicians can also identify areas of concern in your current cyber security arrangements, allowing you to move proactively to protect your digital assets and confidential data. Some of the most effective strategies for improving your cyber security include the following:
- Training your staff members to protect passwords and to avoid becoming victims of phishing attempts
- Enabling advanced two-factor authentication for access to sensitive data
- Backing up all information to a remote server daily to avoid data loss
- Investing in a security audit to find vulnerabilities before they result in data breaches
- Boosting physical security for your brick-and-mortar facilities
LCG Discovery Experts can provide you with the expert help and guidance needed to seal holes in your security and protect your data against theft and misuse. We work with you at every stage of the process to ensure that your company receives the most accurate and appropriate guidance for your cyber security needs. Call us today at 855-524-9778 to schedule a consultation with us. We look forward to the opportunity to serve you.