The Cost of Security Breaches to a Small Business

id you know that the average cost of a security breach to a small business is nearly $200,000? Did you also know that 43% of all data breaches are targeted at small businesses? This is often due to lack of knowledge, lack of investment, and lack of proactiveness on the part of small business owners.

Over half of these small businesses reported not having a cyber security expert within their company. I get it, hiring even one IT employee is expensive (average $70,000 per year) and as a small business owner its hard to find time to learn about network security, let alone monitor and actively protect your data. However true this is, it does not eliminate the very real threat that lurks around every corner on the internet.

More Important Than Ever
With more people working from home and no return to an office environment in the foreseeable future, small office and home network security is more important than ever. Luckily, there are some easy steps to take in securing your small business network that won’t break the bank. First, hide your router’s SSID and change the factory login settings on your company router. This is one of the most overlooked steps even by trained network specialists. Second, make sure to block ports you do not need and ONLY allow ports you do.

Taking these simple steps reduce the ability of being noticed by war drivers and allowing unwanted guests on your network. If these steps are too difficult to follow or you need more security help, spend the money to outsource your network monitoring and cyber security. There are a lot of good options out there that will not run you a lot of money. We at Arrow Internetworking Management provide these services starting at only $298 per month. That’s about $3500 per year to ensure security and eliminate much of your risk. With security breaches costing $200,000 on average, the security pays for itself.

Keep In Touch
You can follow A.I.M. on YouTube, Facebook, and LinkedIn. Simply type Arrow Internetworking Management in the search bar to get our tips on how to better maintain your business network.

References
Verizon. (2019) 2019 Data Breach Investigation Report (DBIR). Available at https://enterprise.verizon.com/resources/reports/dbir/

Scott Steinberg. (October 13, 2019). Cyberattacks now cost companies $200,000 on average, putting many out of business. Available at https://www.cnbc.com/2019/10/13/cyberattacks-cost-small-companies-200k-putting-many-out-of-business.html

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