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Small Business Risk 2023

Small Business Risk 2023

Small businesses face many challenges, but we’re here to talk about security. While concerns regarding cybersecurity are high, small businesses are underspending on security technologies and failing to adequately train their employees. This according to the 13th annual Data Protection Report (DPR) from Shred-it. With an average loss of more than $9.4 million in the U.S., small businesses could be crushed under customer loss, regulatory actions and fines, and legal fees. 

Take the right steps to protect your Business

  • Enlist a Trusted Security Partner (vCISO)
  • Require Employee Information Security Training
  • Actively Monitor Systems
  • Complete Vendor Risk Assessments

Most Small Business Leaders Fail to Act

Based on the research in the DPR there is a “Misalignment of Small Business Leaders’ (SBL) Beliefs and Actions Regarding Data and Information Protection.”

Engage with a Trusted Security Partner (vCISO)

Regulatory landscape and compliance concerns are top of mind for small business leaders. Worried about keeping up with changing requirements and knowing how to deploy limited resources can be helped by engaging an expert. Viridis Security can help you navigate a path to greater security by interpreting requirements and suggesting tools to avoid burden on the business. Change can be hard, and having a third party advisor who can clearly articulate to staff why changes are needed is essential in migrating to a more security focused culture.

Actively Monitor / Assess Vendors

Despite high cost of data breaches – financial and customer costs – most small business are not taking the actions they need to avoid loss. According to this report, just 60% are proactive when it comes to data protection and only 22% report being ‘extremely proactive’. This potentially exposes many small business to the data breach threat. This is LESS than was reported in 2022.

There are straightforward ways to be proactive. Active Monitoring can be established for key business assets and third-party assessments can identify high-risk vendors. You have to identify where the risk is before you can address it properly.

Training and Education

IBM’s 2023 Cost of a Data Breach Report shows that the costs of data breaches can be significantly reduced with employee training. In a stark decline from 2022, a mere 15% of SBLs report requiring employees to take any training. Regular training is key to developing a strong security culture and increases protection against breaches.

Schedule a call now to discuss how Viridis Security can help your small business close security and knowledge gaps so you can better protect customer data and the future of your business. Security is a journey of continuous improvement – take the first step with us now.