Mechanisms to stop cybersecurity breaches at the company’s border
One of the biggest challenges in today’s digital business ecosystem is preventing cybersecurity breaches. When breaches happen in large organizations, a bank or a major utilities company, the media and the entire business ecosystem takes a note of it. However, there are millions of other cyberattacks that take place every year, and a large number of them turn out to be successful in stealing data or hacking computers, without getting any public attention. This creates a false sense of security among SMEs and startups, making them believe that they are not well-known or lucrative enough to be targeted.
The reality is that nearly 71% of the small and medium size enterprises are targeted by cybercriminals. Almost every business has some data that is valuable to the hackers. For instance, even if a business doesn’t have sensitive credit card or healthcare data, it would still have phone numbers, email addresses, copies of employee ID cards, and various other forms of data that could be of value to the hackers. According to Kaspersky Lab, data breaches cost startups and SMEs an average of around $86,500 in recovery costs.