Entrepreneurs Need to Stay Aware: Cybersecurity Threats May Directly Impact the Bottom Line

October 2024 marks the 21st Cybersecurity Awareness Month - we have been recognizing this significant month for 21 Years! Yet, we still have a lot to learn and implement to stay secure from cybersecurity threats.  Wherever there is technology, there needs to be cybersecurity. The ongoing theme for Cybersecurity Month is Secure Our World highlighting the importance of taking routine action to reduce risks when online and connected digitally.

A great start for entrepreneurs to become digitally secure is to follow the four commonly shared tips: create and use strong passwords, always use multifactor authentication (when possible), be aware and report Phishing, and always keep your software updated.  These 4 simple steps can save you and your business from devastation. Entrepreneurs must stay vigilant in the face of evolving cyber security threats. By adopting a proactive approach to cyber security, entrepreneurs can protect their businesses, customers, and bottom line from the growing wave of cyber threats. Many trainings and details are available through cisa.gov on how to best secure your individual world.

What  today's small business owners need to be aware of when it comes to cybersecurity:

According to the National Cyber Security Alliance, cyber-attacks cost each American entrepreneur $8,000 annually in 2023. Please note this is the average cost- some costs are higher, and some are lower, but the attacks are costly, and the numbers speak for themselves.

According to a report by IBM and the Ponemon Institute, the average data breach cost for small businesses with less than 500 employees is $2.98 million and the average cost of each breached record is $164.00. Cybersecurity incidents can paralyze your business and destroy customer trust, and recovering from these attacks is expensive. According to the U.S. Chamber, A majority (60%) of small businesses say cybersecurity threats, including phishing, malware, and ransomware, are a top concern.

"CISA is America's Cyber defense agency. Our mission is to provide defense mechanisms for small businesses.  Most entrepreneurs may not be aware that CISA provides cybersecurity audits for small businesses at no cost. This is a resource that could save a small business- a cyber threat may be the detriment of any small business- the threat is real," says Julius Gamble, CISA Region 4 Regional Director.

"CISA and the SBA offer a wealth of free resources, including tabletop exercises and incident response plan templates, to help small businesses prepare for potential cyber threats," says Allen Thomas, SBA Regional Administrator. "Business owners are encouraged to use these tools to strengthen their defense. Please remember to take advantage of the entrepreneurial tools at your fingertips especially when it comes to cybersecurity. More information may be found at sba.gov/cybersecurity".

Implementing cybersecurity does not have to be costly for small business owners. Many basic steps, such as creating a cybersecurity culture within an organization and designating a specific person for security responsibilities, for example, can be done with minimal investment. Keeping your small business safe from cybersecurity attacks needs to remain a priority for every entrepreneur- regardless of where they fall in the small business lifecycle. The threats are REAL. CISA and SBA share a mission of helping small business owners navigate and overcome the increasingly dangerous cybersecurity waters.

Source: U.S. Small Business Administration, https://web.archive.org/web/20250118101115/https://www.sba.gov/article/2024/10/03/entrepreneurs-need-stay-aware-cybersecurity-threats-may-directly-impact-bottom-line
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