Cybersecurity: Why Does My Business Need It?
Updated: Apr 15
Let’s keep it simple: if you run/own a business, you do it for several reasons.
You could be operating the business of your dreams and love everything about it.
It’s your bread and butter. Sales are important as the profits help provide for your family and employees.
But what if it all went away in an instant?
What if you are hit with a cyberattack?
A DDoS (Distributed Denial-of-Service) attack can cost thousands to millions in possible revenue. It works by flooding the bandwidth or resources of the system with requests.
The result is slow, sluggish, or no response at all from the servers. Your business is floundering at best. The system is overwhelmed with requests it cannot process.
DDoS is fast with the average attack occurring in 26.37 GBps in 2018. In 2019, the speed jumped to 1.3 TBps and it gets faster as botnets grow due to unprotected devices through the IoT (Internet of Things).
Kaspersky Lab’s reported the impact of DDoS attacks rises each year globally – costing SMBs over $120,000 and Enterprises over $2M per attack on average.
“But,” you say, “I’m a small business. I need to grow my business first.”
Okay. Did you know, 61% of victims of cyberattacks analyzed in 2017 were businesses with fewer than 1,000 employees? (Source: Verizon)
The Verizon 2017 Data Breach Investigations Report analyzed over 42,000 incidents and 1,935 breaches from 84 countries. That was 3 years ago.
In 2019, the number of breaches in the United States alone jumped to 1,473 with over 194.68 million records exposed.
Growing your business is moot if you cannot recover from an attack. A small business attack can cost $20,000 to $50,000 with insurance.
“I have Cyber Insurance.”
Insurance is not a replacement for a properly developed cybersecurity program. While insurance can help offset costs, it will not cover the costs of losing IP.