According to the United States Securities and Exchange Commission (SEC), about 60% of SMEs go out of business within six months of a data breach or cyber attack.
“Cyber security is clearly a concern that the entire business community shares, but it represents an especially pernicious threat to smaller businesses,” an SEC report noted.
“The reason is simple: small and midsize businesses are not just targets of cybercrime, they are its principal target. Even more disconcerting is the fact that cybercrime represents an existential threat for SMEs.”
Global cyber security group Cimcor noted that data breaches are one of the top concerns for today’s small businesses, with the average breach costing small businesses $US3.62 million ($5 million).
Cimcor CEO Robert Johnson III says one of the best ways for businesses to remain vigilant is to monitor suspicious network activity.
“Suspicious network activity can refer to a number of different behaviours that involve abnormal access patterns, database activities, file changes, and other out-of-the-ordinary actions that can indicate an attack or data breach,” he said.
“Being able to recognise these activities is important as it can help pinpoint the source and nature of the breach, allowing you to act quickly to correct the security threat and minimise damage.”