Within the past several years, several large data breaches occurred affecting millions of consumer’s personal information. Experian experienced a significant computer breach in 2015, where 15 million social security numbers of T-Mobile customers were exposed, causing major damage and losses.
Although large, national company breaches are typically released in the media, the reality is even small businesses are susceptible to experiencing a breach. In fact, 62% of small to mid-sized businesses fall victimto cyber attacks. On a similar note, a survey released by Kaspersky Lab revealed that small businesses spend around $38,000 to resolve just one data breach attack.
“These numbers should serve as a wakeup call for both large and small businesses,” Chris Doggett, managing director of Kaspersky Lab North America, said in a statement. “IT security needs to become a more common priority for organizations and it is our hope that these numbers will motivate businesses to take the necessary steps to implement effective cyber security technology and strategies to prevent having to pay an enormous cyber security bill.”
This same survey from Kaspersky Lab showed that 44% of companies do not have anti-malware solutions to safeguard their business and half of IT professionals do not consider security-breach protection as one of the main three IT concerns. Having such an indifferent approach towards security is a major problem for small businesses whose IT department does not have the solutions in place to prevent breaches from happening. In fact, 90% of the 5,500 small-large businesses that were surveyed all had faced at least one security issue.
The “2015 Cost of Data Study: United States” showed that 19% of breaches are due in part to employee negligence, 32% occurred because of system glitches, and 49% of breaches were criminal or malicious attacks.
To reinforce the importance of having security options in place and using data breach protectionsolutions, here are some statistics from the 2015 Cyberthreat Defense Report about security incidents:
- Within the past 12 months, over 70% of businesses reported being a victim of a successful cyberattack.
- The cost of a corporate data breach grew 15% within last year to $3.5 million.
- Security instances produced over 8 hours of downtime for 31% of impacted businesses.
- The US experienced a 7% decrease in financial loss related to security incidents.
- Mobile devices, such as tablets and smartphones, are considered IT’s weakest security issue, followed by social media apps.
- 52% of those surveyed felt employees were the main reason for an attack.
At First American, we service thousands of small to mid-sized businesses and recognize the importance of protecting our merchants. We make sure our solutions are accessible at an affordable price to make sure our merchants have access to the latest security they need to support their business.
Our data breach protection program gives merchants coverage for fines inflicted and fees incurred in the event of a PCI-DSS security breach. In addition to offering data breach protection, we meet PCI Compliance regulations, have up-to-date technology, and have EMV-capable solutions to further reduce the chance of an instance of fraud from happening.
Find out how you can make your business more secure today with data breach protection.