The role business owners play in the cybersecurity fight

With the rise in data breaches all over the news, it is crucial for both consumers and business owners to be informed about cybersecurity to protect your data. A consumer must be weary about what information they release and where. But accountability doesn’t completely fall in their hands. A business owner’s responsibility is to secure the clients’ private information. Investing in strong security protection can save a business in the future and assure prospective clients that the company is trustworthy.

Many business owners feel the same way. A new study by Versa Networks shows that 89.9% of business owners think cybersecurity is critical, and 63% see it as one of the essential parts of running their business. Additionally, 69% of business owners say the threat of data breaches plays a role in their business decisions. These results appear relatively positive, yet the same study exposes how few business owners take action.

On the flip side, 27.6% of respondents do not feel they employ adequate network security, and 27.5% say they have cut corners regarding cybersecurity. Businesses are skimping out in an area where they should not be. Loss of confidential data will result in financial damage, a loss of clients, and a damaged reputation. 

This survey shows 51% of business owners lack the funds to afford good cyber security. 48.5% of business owners have not employed cybersecurity because they have not gotten around to it, never had cybersecurity issues, or do not think it is necessary. 

Data breaches can have substantial negative consequences and are classified into three categories. Physical data breaches include theft of documentation, hard drives, receipts, files, and laptops. Establish a secure location for sensitive, confidential documents and properly dispose of any materials no longer in use. The following type of data breach is electronic, which is defined as unauthorized access to a system or network that processes, stores, or transmits cardholder data. It is critical for businesses that utilize electronic media to secure their data, making it more difficult to decode if someone gains unauthorized access. Finally, skimming is the collection of magnetic stripe data on the back of credit cards.  

Individuals should also be adequately informed about this, considering the recent surge in identity theft, credit card fraud, and information selling. Individuals may easily avoid this by using a secure password with double verification. Weak or stolen credentials are the most common way for passwords to be stolen, resulting in a privacy breach.

Data branches can be extremely harmful to people and businesses. According to Ekran, businesses that retain financial, health, intellectual, and government information are most likely to have it compromised. However, any business that has private data is vulnerable to cyberattacks. The concern is magnified when your organization is in one of the sectors most susceptible to breaches.

Just because you have not encountered a cybersecurity threat does not guarantee you never will, and with a current rise in data breach cases worldwide, protect your business and clients from becoming victims of this cyber attack.