There is the assumption that data breaches only affect larger organizations. Many small and medium-sized business (SMB) owners believe nobody would be “interested” in their small business. This belief comes at a cost. The Harper Midsize Business Monitor for 2014, which was recently released, shows that 43% of midsize businesses suffered a data breach in the past 3 years.
Midsize businesses face many costs associated with data breaches, from investigative and notification expenses to reputation damage. Whereas a large organization may be able to brush off these expenses, a smaller organization may feel these more acutely. The survey also showed the direct tie between a data breach with a supplier and how this affects their business. According to the survey, 13% of businesses have had a supplier’s data breach impact their business information.
“All types of businesses have networks and networks can be vulnerable to a breach,” said Joe Coray, vice president of The Hartford’s Technology & Life Science Practice. “As we have seen in recent years, a breach involving a supplier or vendor can impact a business as much as a breach of its own IT systems. Whether businesses are hosting their data internally or entrusting it to external business partners, it is important that they validate how their information is being secured.”
Just as with large organizations, SMBs must take risks to data seriously. The options for data protection can be overwhelming, but we offer the same advice as we do to large organizations: adopt a layered approach, relying not just on standard options such as encryption or firewalls, but also including persistent technology to track, manage and secure devices and the data they contain. If you are a small or midsize business looking to improve your existing endpoint strategy, learn more at Absolute.com