Cyber security, once considered an issue only for Fortune 500 corporations and government agencies, is now becoming a major concern for businesses of all sizes across the globe. Security breaches at companies like Sony, Target and Equifax highlight the serious consequences of cyber attacks.
But despite this ongoing threat, many companies are not doing enough to shield themselves and their customers against harm from hackers.
A 2018 Cyber Readiness Report, commissioned by insurance company Hiscox, noted that the majority of respondents ranked cyberattacks as among the top threats to their companies. Despite this, the study found that 73 percent admitted they were not adequately prepared to defend themselves against cybercrime.
These figures are especially worrisome given how rapidly hacking security incidents are increasing. “Businesses can't afford to ignore cybersecurity," said Stacy Bertrand, manager of information security strategy and metrics for City National Bank. “It used to just be the big players that had cyber-related incidents, but now we're really seeing it at small and mid-sized companies and attacks seem to be increasing daily."
Use These Cybersecurity Tips to Protect Your Business
While the threat may seem overwhelming, there are many things organizations of every size can do to help avoid a security breach. Here are five of the best defenses.
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