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In August, the Equifax data breach left more than 145 million Americans vulnerable to identity theft. Sensitive information such as Social Security numbers, addresses and consumer names were stolen by hackers attempting to impersonate individuals by opening bank accounts, applying for new credit cards or even attempting to get driver's licenses.
The breach spurred consumers to review the cybersecurity measures they have in place at home. Small business owners should do the same. Yet, recent data shows 87% of small business owners do not feel they are at risk.
This is a mistake. In 2016 alone, 61% of cyberattack victims were businesses with fewer than 1,000 employees. What's more, roughly one in three small businesses do not have the necessary tools in place to protect themselves from any kind of cyberattack.
The Ponemon Institute, a Traverse City, Mich.-based research firm, estimates that the cost of cleaning up a small business after it has been hacked is $690,000. An estimated six in 10 small businesses fail within six months of a cyberattack.
Nearly half of cyberattacks are maliciously intended, with hackers aiming to use a business owner's information to compromise the owner's personal credit. This leaves personal information, preexisting accounts and the business at high risk. Once a credit score has been compromised, a small business owner may no longer be able to pay their business loans or access new financing.
Often, small business owners are at a greater risk of an attack because they do not have the necessary cyber protections in place. One way to protect against a cyberattack is to enhance security measures through malware detection or pop-blocker software and installing a firewall, anti-spy, anti-virus and spam filter on your small business' computer system.
With small businesses at a great risk of falling victim to a cyberattack, business owners can follow these best practices to better protect their businesses.
Anyone and any business can fall victim to a data breach. Educate yourself and your employers on best practices to protect your small business.
Sterling Kozlowski is president of KeyBank's Maine market and regional executive of Key's New England region, which includes Vermont, New Hampshire and greater Boston. He maintains an office in Key's Portland headquarters, at One Canal Plaza, and can be reached at 207-874-7298 or sterling_kozlowski@keybank.com.
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