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Can your business identify a security breach within 24 hours?
Can your business identify a security breach within 24 hours?Getting hacked is a nightmare scenario that, unfortunately, is becoming more commonplace. Furthermore, many small businesses are ill-equipped to deal with such attacks, and the longer a breach goes undetected, the more harm the attacker can do and the costlier the breach can become. Considering that the average cost of a data breach is $3.86 million1, such a breach can be devastating and must be caught immediately.
Don’t fall into the line of thinking that you aren’t big enough to be targeted. An alarming 60%2 of all cyber attacks are centered on small businesses. And with less resources to help cushion the blow, setting up a proper line of defense is critical to avoid detrimental damage to your brand or perhaps even going out of business.
By following the points outlined below, you’ll be prepared to handle a cyber threat quickly, effectively and perhaps most importantly - proactively. Dealing with incidents “as they come” will leave you unable to effectively deal with a breach before it causes irreparable damage.
- Develop a plan – the key is to be specific. Focus on what to do in different circumstances (malware, phishing, SQL injection, etc). Having a specific plan for each type of threat will help speed up your response and resolution time and mitigate damage.
- Test the plan – in addition to problems that you’ve familiar with, consider problems you’ve never faced.
- Keep your plan updated – even if you haven’t been attacked, remain diligent about refining your plan as cyber criminals are always looking for new ways to access your data.
- Ensure that you are PCI compliant – businesses that handle cardholder data must be PCI compliant. It’s required.
Commerce Bank offers flexible, scalable, cost-effective data security methods to help protect growing businesses like yours. Contact a Commerce Bank employee to learn how to best protect your greatest assets.
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- 4 things you should know about data security.
1 2018 Cost of a Data Breach Study by Ponemon
2 State of Cybersecurity for Small Business, Ponemon, 2017