By Sandra Guile
Better Business Bureau
Cybercrime continues to grow rapidly around the world, with annual costs to the global economy estimated to reach over $2 trillion by 2019. Small businesses are becoming more and more aware of cyber threats, continue to be concerned about cyber risks, and are taking some proactive security steps. Yet, there is still much that can be done to educate, support, and empower smaller businesses to be cyber secure, to dispel misconceptions, and to help make cybersecurity a priority.
Of the 1,100 businesses surveyed in a recent BBB study, approximately half reported that they would only make a profit for one month after the loss of essential data. The report focused on cybersecurity effectiveness from cybersecurity standards/frameworks, best practices, and cost-benefit analysis. One of the key findings is that the National Institute Standards and Technology (NIST) Cybersecurity Framework is becoming mandatory in some markets. Normally, this participation is voluntary but businesses are finding these standards are helping them run a better business and keep their data safe.
Some businesses may be hesitant to implement a full cyber plan and BBB’s report reflects that. It encourages educating and training employees and performing a cost-benefit analysis before implementing a cybersecurity plan. For example, investing in a $10,000 solution or cyber plan for what could be a $5,000 could be a $5,000 risk is not the best option for the owner of a small business.
An evaluation gives business owners owner an idea of the risks they face when it comes to a cyberattack. It also provides potential avenues for protecting information from ransomware, phishing, or malware. Business owners are aware of the threats, and many often have basic measures in place to protect themselves. Antivirus software like firewalls are a good first step, but the most cost-effective measure is employee education, and it is the least likely to be used.
To better prepare both your business and your employees for future cyber threats, visit bbb.org/cybersecurity.
Sandra Guile is the Community Outreach Specialist for BBB. She promotes BBB’s message of marketplace ethics through public speaking engagements, presentations, media relations, press releases, web content, and other written materials. Contact Sandra at (513) 639-9126 or sguile@cincinnati.bbb.org. Your BBB is located at 1 East 4th Street Suite 600 Cincinnati, Ohio 45202 – to reach the office, call (513) 421-3015.
