Small Organizations Are Cybercriminal’s Favorite Target

Why? Because small organizations are not prepared and make it easier for the criminals to access their systems.

One of the biggest issues facing small business owners in the fight against cybercrime is the lack of a cybercrime plan. While 83% lack a formal plan, over 69% lack even an informal one. Cyber-attacks cost organizations an average of $188,242 for each incident, and nearly 2/3 of the organizations affected are out of business within the next 6 months. A separate study by Verizon showed that over 80% of cybercrime victims were vulnerable because of insufficient network security (wireless and password issues ranked the highest). With insecure networks and no formal plan to combat them, we make it much easier for the criminals to access out systems. A good website for tips to prevent these types of attacks can be found at here.

One new thing that organizations are looking at to protect themselves again cybercrime is to purchase Cyber Liability Insurance. Especially if your organization maintains customer personal data such as credit card number or social security numbers. If your organization’s network is hacked and customer information is compromised, you will have to notify each of your customers that their information may have been compromised. In several instances, companies are required to purchase services such as LifeLock or other credit monitoring services for their customers who may have been compromised to monitor their accounts to make sure they don’t get attacked. Cyber Liability Insurance will cover your organization for these types of expenses in the event that you do get attacked.