Customer small business financing solutions delivered through a single, online application.
Loan Types
Free access to multiple funding solutions
See funding solutions from 75+ nationwide lenders with a single application.
Apply for financing, track your business cashflow, and more with a single lendio account.
Home Blog Is Your Small Business Prepared for a Cyber Attack? 4 Things You Should Do Right Now
Only one in four small business owners feel their business is well prepared for a cyber attack, according to a recent survey. The figures released by Netwrix, a data security and risk mitigation platform provider, show that 73 percent of small businesses don’t employ a separate information security function, leaving them particularly susceptible to cyber attacks.
While it’s the security breaches at big names like Home Depot and Target that generally garner national headlines and attention, small businesses are prime targets for hackers because they generally have less security in place and oftentimes underestimate their level of risk.
Forty-three percent of cyber attacks target small businesses specifically, according to a 2016 study conducted by Symantec, and sixty percent of SMBs that suffer a cyber attack go out of business within six months. The need for improved cyber security increases every day as scammers evolve and change their targets.
When you consider the numbers, not to mention the potential for reputation and financial damages, your small business can’t afford to not implement and maintain a cybersecurity strategy.
Many small businesses just don’t have the manpower or the budget for designated IT teams, and according to the Netwrix data, 88 percent said they don’t use any software to manage risk or govern their information security. While insufficient staff, cost and time constraints and lack of training tend to be the biggest factors contributing to this, taking measures to protect your business doesn’t have to be expensive or time-consuming or require a team of experts. Here are some steps to take right now to decrease your chances of becoming a target:
The good news is that legislators are also getting involved in stressing the importance of a cybersecurity strategy for SMBs. Late last month a bipartisan group of lawmakers, including the House and Senate Small Business committee chairmen, introduced a piece of legislation to the House that would create cybersecurity training programs for staff at small business development centers. The Small Business Development Center Cyber Training Act would require 20 percent of small business development center employees to receive cybersecurity training they can then pass on to SMBs in their areas. You can track the progress of this bill here.
As a reporter and editor, Melanie has written about everything from retail and tourism trends to economic development for regional newspapers, trade publications, and national magazines. As Lendio’s Director of Public Relations, she specializes in reporting fintech industry news and its impact on American small businesses. Melanie has a B.A. in Journalism from Brigham Young University. She is also a backpacker, runner, and mom of four.
Subscribe to our weekly newsletter for industry news and business strategies and tips
Subscribe to our weekly newsletter for industry news and business strategies and tips.