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    Categories: Hashing Out Cyber Security

Study: 66% of SMBs would shut down if hit by a Data Breach

Businessman holding a Sorry, We're Closed sign While his employers are sitting behind him, depressed It's over. They are broke, got to move out.. Here they just moved in the new office and are still happy: [url=file_closeup.php?id=16941301][img]file_thumbview_approve.php?size=1&id=16941301[/img][/url] Part of the start-up shoot: [url=http://www.istockphoto.com/search/lightbox/10782464#1b945d42][IMG]http://i931.photobucket.com/albums/ad155/mammastock/banner_startup.jpg[/IMG][/url]

A new study from Vipre shows two-thirds of SMBs would suffer catastrophic consequences from a breach.

VIPRE Security recently commissioned a survey amongst small and medium-sized businesses (SMBs) to determine their susceptibility and risk level in relation to data breaches. The study yielded some interesting results, perhaps the most striking of which was that 66% responded that a data breach would cause them to shut down for at least a day or more, if not put them out of business entirely.

This meshes with the results of a study by the National Cyber Security Alliance that stated that 60% of SMBs that experience a breach do go out of business.

To conduct its survey, Vipre polled IT managers from 250 SMBs. The study also found that:

  • 23% of respondents experience a cyber attack on a daily basis
  • 68% of IT Managers are tasked with generating security reports
  • But, only 41% have access to an online security dashboard

The point of VIPRE’s study was to support a new Cloud security product, but it does shine a light on a very relevant topic: SMBs are definitely more vulnerable to cyber attacks.

SMBs are also a prime target. The reason for this is simple, most SMBs can’t afford to staff a full security team, much less implement a comprehensive security solution. According to Symantec’s 2016 Threat Report, a whopping 77% of SMBs reported they had been the target of a cyber attack in the past year.

We specialize in SSL and can help you configure your servers to maximize its protection – but that only secures certain attack vectors. If you’re running a small or medium-sized business, you need to invest in additional security measures beyond encrypted connections.

At Hashed Out, we enjoy a certain degree of autonomy from our parent company, The SSL Store™. Because of that, me – nor any of our other writers – are ever going to try to sell you anything. So, this is just some friendly security advice: invest in comprehensive security. There are a number of reputable vendors out there that can secure everything your SSL certificate doesn’t cover. It would be foolish not to. Almost akin to putting a padlock on your front door but leaving your windows open.

So, let this serve as a reminder to stay on top of your security implementations. Because even one mistake could spell disaster.

What we Hashed Out (for Skimmers)

Here’s what we covered in today’s discussion:

  • According to a VIPRE survey, 66% of SMBs would shut down if hit by a data breach
  • Symantec’s 2016 Threat Report says 77% of SMBs have experienced an attack in the past year
  • You need security beyond just SSL, including firewalls, secure CDNs and endpoint security
Patrick Nohe: Hashed Out's Editor-in-Chief also serves as Content Manager for The SSL Store™.