Small businesses are a large part of the American economy, which means that every transaction they make is essential. Business owners should look into protecting their own data because on average, cyber attacks cost a small organization $8,699, according to a study from the National Small Business Association (NSBA).
To make matters more alarming, about 83 percent of organizations lack a business continuity plan—making it even easier for hackers and scammers to access these files and use the information to their advantage. As each day passes by, businesses are becoming increasingly vulnerable because hacking techniques are becoming more sophisticated.
Nonetheless, a majority of respondents to the NSBA study said that cyber security is "a very important or somewhat of a concern for their business"
NSBA's study also found that many small companies are managing their own cyber security measures, which could be a large task to handle on top of other business obligations. In 2010, about 36 percent of respondents said they hired additional help, but only 24 percent did in 2013. When it is becoming more difficult to effectively protect a client's accounts, executives can truly benefit from experts.
When data breaches occur, customers lose a lot of confidence. Long-term effects include a decrease in clientele and significant revenue losses. It is important to bounce back from these incidents as soon as possible. Companies can benefit from the support of business continuity consultants because they can help establish a plan that works for any sized organization business