According to this year’s Traveler’s Risk Index, a majority of business owners have a somewhat fatalistic view of hacking and data breaches. The index reveals 52% of survey respondents believe a cyber attack is inevitable.
The other statistics in the report paint a grim picture. Here’s a quick overview:
- 55% of business owners say that they have not completed a cyber risk assessment
- 63% say that they have not yet completed a cyber risk assessment on vendors who have access to their data
- 62% indicate that they have not yet developed any kind of business continuity plan. This means they don’t even have the basic outline of steps needed to be taken when faced with a successful attack
- The number of cyber attack victims has doubled from 10% in 2015 to 20% in this year’s survey
Yet in spite of this staggering lack of preparation, fully half of all survey respondents say they have cyber insurance.
Tim Francis, the Enterprise Cyber-Lead at Travelers, had this to say about the report:
“Cyber risks carry serious consequences for any business, threatening everything from revenue to operations. These findings reveal some surprising things about how companies view their cyber exposure, their relative confidence in dealing with them and the clear opportunity that exists for them to be better prepared for a cyber-attack.”
It’s a thorny problem, for sure. Most small to medium sized business are strapped for cash. They simply can’t dedicate the level of resources they’d like to toward data security.
The good news is that this most recent survey reveals a few simple, low-cost things you could do starting today that would dramatically improve your chances of dealing with a cyber-attack.
What is your company doing to not only protect against cyber attacks, but remediate them when they inevitably occur? Do you have a plan in place? Hiring a managed security service provider will create a seamless and effective way to protect from threats, detect them, and react to them quickly. Ultimately, it will save your business 20 – 50% in IT Services. Request a quote today.