Cowboy Up! Protecting Your Business from Data Breaches

Author: Patrice Schaffer, navitend

​​The saying “Cowboy Up” generally means to be tougher or more resilient in the face of difficult circumstances. It can also mean to prepare to act on something about to immediately occur. And, when it comes to protecting your business from data breaches, it may be time for your company to “Cowboy Up” and implement some simple solutions that help mitigate risks and protect confidential information.

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Industry analysts agree cybersecurity will continue to be one of the top investments business owners will make for the foreseeable future. Too often, business owners believe that only larger organizations need to take cybersecurity seriously. Listed below are a few facts about who is a common security target, and what can happen to a business after a data breach.
 
DATA BREACHES CAN PUT YOU OUT OF BUSINESS. Not only do data breaches happen to small companies, but often with greater impact! A National Cyber Security Alliance Study found, that 60% of small to midsize companies go out of business within the first 6 months of a data breach. The costs and reputation damage attributed to a data breach may be too much to recover from for most businesses.
 
DATA BREACHES AFFECT THE “LITTLE” GUYS TOO. Most often, the media reports on data breaches that affect larger organizations like Target, Home Depot, and Sony, but did you know that a Verizon study found that 71% of data breaches happen to companies with less than 100 employees?
 
EMPLOYEES ARE YOUR WEAKEST LINK. Installing network firewalls, ensuring that your systems are regularly patched with the most current vendor security patches and deploying up-to-date anti-virus software sounds like a great start to protecting your businesses information, however, technology alone cannot stop cybercrime and data breaches. In a study led by IBM, they uncovered that 95% of data breaches are caused by human error. That makes your employees the weakest link in your fight against cybersecurity!
 
YOUR EMPLOYEES NEED CYBER SECURITY TRAINING! The best way to minimize the potential risk of a data breach is to educate your employees. Training your employees on cybersecurity best practices and how to recognize possible threats, is the first step in implementing a robust data security strategy. Look for a comprehensive training program that informs and engages your employees on security best practices. Make sure it includes training on phishing scams, ransomware, phones scams and the dangers of public Wi-Fi. Lastly, you want a training program that hits a broad range of security topics to increase your employees’ security awareness and protects your business.