Updated: Jul 19, 2021
"A small business that experiences [a cyber security event] will likely lose equates to nearly one-quarter of their earnings."
The past 12 months in the cyber sector have highlighted the need for a reliable disaster recovery and business continuity plan for businesses of all sizes. As a security-minded IT Management firm, we’ve consistently applied rigorous testing to security plans and practices. Among the security practices we tested, prompt disaster recovery capabilities and timely incident response were the biggest differentiators of success between SMBs (Small & Medium-sized Businesses) and their larger counterparts.
Let’s take a closer look at the math. When a $100 billion enterprise experiences a typical cyber security event at the cost of $292,000 to the business, that represents 0.000003% of annual revenues. A small business that with annual revenues of around $100,000, on the other hand, will likely lose $24,000 or more, which equates to nearly one-quarter of their earnings. That is quite a difference in overall impact. The math here doesn’t take into consideration if the business has to pay a ransom to get data back. It is rumored that the Colonial Pipeline had to pay close to $3,000,000 in a ransomware attack.
Being proactive vs. reactive can help SMBs mitigate risk and minimize the overall impact of a potential security event – a winning strategy.
How can your small business turn that into a success factor? Have a recovery and a continuity plan in place for when (not if) a security incident occurs. Still curious? Read more essential security information here.