In a recent CNBC quarterly survey of over 2,000 small businesses, only 5% of small business owners consider cyber attacks to be a significant risk to their company. That is not a typo. It’s 5%. Five! I would be concerned if it were ONLY 95%!
What’s even more concerning…if there could be anything worse…is that it was 5% at the same time last year. That means that in a year when the Colonial Pipeline was hit with a ransomware attack and Russia attacked Ukraine, small businesses still did not sense they were at risk of cyber attack.
While companies may not pay attention to the threat landscape, consumers are.
Although only 5% of companies see cyber security as a threat, 55% of consumers state that they would be less likely to shop with companies that are victims of a cyber attack.
We often hear that small businesses have a tough time making. While other factors make it difficult (economy, pandemic, labor pool, etc.), one factor that a company can have some control over is whether they are a victim of a cyber attack.
One of the concerns I often voice is that organizations that make a token effort develop a false sense of security. For example, by installing anti-virus, they believe they are secure from all threats. NOT TRUE!
All organizations should be implementing good basic cyber hygiene tools and practices. These include updating and patching, multi-factor authentication, backups, anti-virus, and strong passwords.
The survey shows that less than half of the companies surveyed have taken action to strengthen their defenses.
Ignorance of the threat is no excuse. Especially when I’ve been yelling it from the mountaintops for so long… THE THREAT IS REAL!
Commonwealth Sentinel is here to help you navigate the ever-evolving and growing cyber security threats we all face. We can evaluate your existing IT security and work with your team to improve it. At Commonwealth Sentinel, we stay focused on cyber security so you can focus on other things. Contact us today or sign up for a free consultation.