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Small Business Owners Can’t Ignore Risk of Data Loss

News flash! Cybercriminals and hackers are no longer just targeting Fortune 500 companies large-scale operations. They’re now coming after small to medium size business (SMBs) owners with just as much force.

What’s more, SMBs are significantly less prepared to deal with the fallout of a data loss. Following a significant data loss, it is estimated that SMBs can lose up to 25% in daily revenue by the end of the first week. That’s a staggering amount for any business with 50 or less employees.

Is Your Business Prepared for Data Loss?

According to the National Archives & Records Administration in Washington, 93% of companies that have experienced data loss, and prolonged downtime for 10 or more days have filed for bankruptcy within 12 months of the incident. Half of those wasted no time and filed for bankruptcy immediately. Another 43% of companies with no data recovery and business continuity plan actually go out of business following a major data loss.

How quickly can your business be restored if critical data is lost? When was the last time backup processes were tested to ensure all data is recoverable and business operations
are quickly restored?

A survey conducted by Symantec SMB revealed that fewer than half of SMBs surveyed backup their data each week. Only 23% of those surveyed said they backup data every day and have a business continuity plan in place.

The percentage of cybercriminal attacks targeting businesses with fewer than 250 employees doubled in 2012. The vulnerabilities of naive small business owners have been discovered, and hackers have now placed the bulls-eye on these weak links. If sensitive customer data is leaked, SMBs may face overwhelming financial liabilities, which could include reimbursing affected customers and legal fees.

Employees Working on Own Device Increases Vulnerability

Bring Your Own Device isn’t a trend or passing fad. It is here to stay and the fact of the matter is businesses no longer own the devices used by employees. This is unprecedented. It’s not as if the employees of yesterday could haul home their file cabinets and desk. This obviously comes with a number of data security risks.

The number of networks, applications, and end points where data can be accessed has multiplied with BYOD. Who manages these devices? Who secures these devices? Do SMBs have the right to back up data on machines they do not own? If an employee loses a laptop, or goes AWOL on the company, what data do they have and does anyone else in the company have access to it?

These are questions that all SMB executives must face and develop solutions for sooner rather than later. As we have all come to realize in recent years, it’s not a matter of if, but when, our valuable personal or business data is compromised.

Chicago Managed IT Provider BKS Can Help

If your small to medium size business has no backup or continuity plan if a cybercriminal should strike, you could literally be just months away from losing your business altogether. BKS Systems is a managed IT service provider that specializes in backup, data recovery and continuity plans for small to medium size businesses in the Chicago area. We have worked with dozens of clients to ensure the safety and viability of their business in the event of a data breach.

Our team of IT professionals works with you to first identify your vulnerabilities and will then set about to create a plan to plug the holes in your systems. Contact us today to discuss how you can secure your small to medium size business against a data breach that could cost you a lifetime of work.

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