Advice for small business: consider yourself a target

So you think you are less likely to be the victim of a cyber attack because you own a small business.

Think again.

In fact, according to a white paper from cyber security firm FireEye, small and medium-sized businesses are easier targets for hackers and these businesses may be a way into larger corporate partners.

Citing various studies, FireEye said small businesses do not have a budget for adequate IT security. According to the report, these businesses also lack a sense of the urgency or seriousness of the risk. Nearly 60 percent of small and midsize enterprises (SMEs) don’t count cyber attacks as a big risk, said FireEye, attributing a Ponemon study. Another 44 percent do not look at strong cybersecurity as a priority.

And because many SMEs do not have the ability to detect breaches, hackers have “much toy gain and little to lose,” said FireEye. In addition to the valuable business information held by a SME, cyber criminals also use these businesses to access the computer systems of larger business partners. “Even if you are not the ultimate target—and even if your direct partners aren’t—only a few hops separate you from a valuable target,” FireEye said.

What can you do?

For starters, FireEye recommends considering yourself a target. With this mindset, identify value assets and avenues to business partners. Finally, SMEs need to invest in a security platform to block known and unknown threats.

After all, a data breach can be a death blow to a SME. About 60 percent go out of business after a breach, which is not cheap. Studies show a data breach costs companies $188 per stolen record and business disruptions can add more than $937,000 in lost revenue.