From Equifax to Instagram to even the IRS, the number of data breaches continues to make headlines in the news. With companies holding a plethora of sensitive information – both internal data in their organization and external information from their customers – the consequences in the event of an attack are monumental.
Take Equifax for example. Considered to be one of the most catastrophic breaches in recent history, the breach put the personal information of 145.5 million Americans at risk. Although the company was alerted half a year earlier that their website was vulnerable, they did nothing to correct the issue.
Despite the looming threat of cybercrime, a majority of businesses leaders admitted that they lack a consistent prevention plan to protect themselves in the event of an attack. Nearly half of those surveyed said their plan was informal or “on the spot”, if they even had a plan at all.
Part of this lack of preparation is the belief that data breaches plague only large businesses. However, research shows that cybersecurity is a real threat for small businesses too—last year alone, 61% of breaches were those that targeted smaller businesses, with the costs ranging from $84,000USD to $148,000USD. Unlike large businesses, many smaller businesses lack the financial resources to recover from a damaging cyber attack.
With no industry safe, it’s more important than ever to have a comprehensive prevention plan in place. Cybersecurity preparation goes beyond having antivirus software—it requires a complex strategy that covers every possible entry point, from passwords to device security to employee training. It’s a strategy that is conducted on an ongoing basis to respond to new threats and should be integrated into every part of a company’s operations.
To see how your company would fare in a cyber attack, check out this infographic from Varonis and follow the tips to prepare an effective defense strategy.