Cybersecurity risks within a company are detrimental to the storage of private information. As well as increase costs in order to recover from the problems. It is far better to be stay alert for a cybersecurity attack. Then rush to fix the damage after it has already been done.
Unfortunately for small and midsize companies, they are more prone to these attacks because of the assumption of not having the bandwidth necessary to recuperate.
Financial loss is one of the main results of data breaches. It is because of downtime or even halt of operations while waiting for the resolution of security issues. These companies may take a long time to recover, if at all. Midsize companies are also a desirable target due to possession of more valuable information. Moreover, many assets compared to smaller companies while also having less security protections than large enterprises.
Involvement of any sort can affect any partners or clients of other large companies. It is because of potential stolen information. Some of the main cyber risks that these smaller companies are likely prone to include data, human capital, infrastructure, and operational risks. Even though any company is at risk for these attacks, smaller companies are more vulnerable. The reason is a lack of resources and awareness of these issues by employees.
Larger companies have an increased ability of handling data searches by the IT team because of the size of the department. In comparison to smaller companies, the IT team employees are responsible for far more tasks and do not have as much time to focus on searching for data breaches. Overall, employees and management must be aware that cybersecurity is important to focus on to avoid issues before they can occur to protect from unnecessary expenses and data loss.
By Kelly Mallari
Date: October 9, 2019
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