It’s no longer news that cyber criminals constantly attack major corporations, resulting in huge losses of data and profits. Even people who don’t pay much attention to the media are aware of the headlines and stories about hackers stealing a company’s data or hacking the personal information of their customers. According to the Center for Strategic and International Studies in Washington, DC, the current cost of these attacks is around 400 billion dollars a year.
But an unfortunate side effect of these attacks, which you might not be aware of, is the dangerous idea that cyber criminals only focus on taking down government entities, or hacking companies as large as Target and Home Depot. The facts are much scarier for all of us, individuals as well as small business owners. In addition to targeting those big fish, one third of adults in the U.S.—one in three Americans—is the victim of a cyber attack each year. As for small business—70 percent of all data breaches occur in companies with less than 100 employees.
The cost of these attacks is severe—according to one report, 60% of small companies go out of business after being hacked. (more…)