The Evolving Cyber Risks to Small Businesses and Their Data

The Evolving Cyber Risks to Small Businesses and Their Data

Social engineering, ransomware, and third-party risks are three primary challenges faced by small businesses in the cyber arena.

To shed light on small businesses’ cyber security problems, Advisen wrote a white paper that examines the key reasons why small businesses are a target and the types of attacks most likely to affect these companies. It also discusses tips and services that can help small businesses turn the tide against cyber crime.

The free, 8-page paper is sponsored by IDT911.

Addressing Cyber Risk

Organizations of all sizes face cyber risks, but an attack on a small business can take a more significant toll than on a larger organization. While any entity that collects sensitive data—including personal and payment card information—can be breached, small businesses tend to be particularly vulnerable due to a combination of factors.

The majority of U.S. businesses—over 99 percent, according to federal data—fall into the category of “small business” with fewer than 250 employees. While these businesses provide necessary goods, services, employment and community involvement, they often lack the awareness and resources to address growing cyber threats such as ransomware, social engineering attacks and third-party vendor risks.

Insurers, brokers, and cybersecurity vendors are working together to offer solutions and advice designed to help smaller organizations make the best, most secure choices. Having a plan and partners in place before an event occurs can mean the difference between keeping the lights on or shuttering a business permanently.