Did you know the illicit trading of personal data was worth $3.88 billion last year? Cybercrime is a growing industry known for its innovation. It goes far beyond the image many of us have of some hacker kid in his basement. Many who engage in this activity are professionals and work in large teams. Some may even be sponsored by governments. If you follow the news, you can find large corporations and even government agencies who have fallen prey to hackers and had massive amounts of data compromised. Unfortunately, this has led smaller firms to feel they fly below the radar. In fact, the opposite is true. Small businesses-especially those in regulated areas such as medical, financial, and legal services-need to be hyper vigilant about security. The cybercriminals’ professional efforts will outdo your amateur efforts at security.
As a small business, you are vulnerable for two reasons. First, serious hackers see small business as entrances into larger entities. Small firms that have any interaction with larger firms, perhaps as a subcontractor, can be easy targets for professional criminals. Second, the clients or customers of small firms are shown to be less forgiving of data compromises that occur in small businesses.