I used to think this way too. But then a business friend in town called me to let me know he was hacked. He has a small business just like I do. He didn’t even know it happened until government authorities contacted him to let him know. Lucky for him and his business and employees, they guided him through the process of fixing the hack.
Only the big boys get hacked, right? SONY, Target and Home Depot got hacked. The ransomware Wanna Cry only hit larger businesses. So why should I worry? Well, after some light research, here is why I should worry:
- Almost half of all phishing campaigns now target small companies.
- Only 5% of small companies carry Cyber Liability Insurance.
- The average data breach costs $4,000,000 to correct.
- The average cost per stolen record is $221 to correct! Ouch!
Turns out if you’ve been hacked and had records stolen, you need to hire a computer forensics firm to look at your computers and figure out how and where the hack happened. You’ll have to upgrade your security software and hardware. By law in almost every state you must contact each individual affected by your hack and provide them credit monitoring for a year. Your business could be sued by injured third parties. You could be penalized or fined by state government authorities if you were negligent in any way.
Recently in my emails, I have been asked to help sneak money out of foreign countries. I have been told by banks I don’t use that there has been suspicious activity on my account so please login with your username and password below. I have received dropbox files and have been asked to click and open them, but I have no idea who the sender is. The best one lately was from a realtor with an attachment stating that it was the closing statement for a recent client who purchased a new home and needed insurance. It wasn’t a client or prospect. That one almost got me; it was tailored for an insurance agent. I now believe the hackers are targeting small businesses.
Anyone who connects to the internet is vulnerable to be hacked! The average premium for a Cyber Liability Insurance Policy is only 0.1% of your company’s revenue, a small price to pay for Peace of Mind!