Cybercrime and small businesses

Cybercrime Targets Small Businesses

  

Small Town USA is something that radiates in music, books, and even in political speeches. Small Town USA is what many people in the USA are accustom to. Many people in the United States experience the small town where everyone knows each other, where kids play outside with each other, and a town where the outside world seems so far. However, the outside world is not so far away. There are many benefits of living in a small town and there are also many negatives. One of those negatives in small businesses do not have the protection that bigger companies do. Yes, these businesses may have cameras and alarms. They might be protected physically, but these businesses are not protected electronically. 

Cybercrime is essentially the act of “hackers” attacking businesses, medical offices, and any place where data is stored. The purpose of these attacks is to steal the clients’ of these companies information. According to Cybersecurity Ventures, “cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined.” These attacks are not just for big businesses. Many of these hackers are targeting small cities to commit cybercrime, and many of these small cities’ businesses are vulnerable for Ramsome Ware and Malware attacks.

Many small businesses are vulnerable to these cyber-attacks because they do not have the instructors to protect themselves. .” Over 50 percent of cyberattacks target small to midsize businesses, as they typically lack the robust network security of larger companies. A cyberattack will typically cost an SMB $32,000 on average. Over 60 percent of uninsured SMBs that suffer a cyberattack never recover. (I want to include this here but it is not sourced and therefore not reputal.)

Medical practices are even more at risk. A recent American Medical Association study showed that a staggering 83 percent of medical professionals have reported some level of cyberattack, exposing highly personal patient information to cyber criminals, and placing their practice at risk of HIPAA violations and fines. 

This is not just about facing violations and fines. When word of the attack leaks out, the consumers of this business or medical practice was going to not want to bring their business to them anymore. No one likes when there private information is out there. Cyber-attacks can completely and utterly destroy a businesses’ reputation. A damaged reputation cost more than any dollar amount.

BEY’s Cyber Security Liability policy, through a partnership with BizLock, is available completely online through both our website and mobile application. Customers have the ability to fill out a simple questionnaire, select a coverage level, and buy a policy that binds instantly. They will also be provided with a host of network security tools, as well as online associate training tools, to help prevent an attack before it occurs. BEY’s policy is designed to cover businesses with up to $10 million in annual revenue. We offer them protection, piece of mind, and, most importantly, the ability to purchase protection anywhere, from any device.

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