- Cybersecurity Planning for Your Small or Medium-Size Business
- October 10, 2017
No company is immune to a data breach. The dynamic rise in digitized information has allowed companies to gain unprecedented access to the global marketplace. This surge in access is accompanied by significant cyber risk due to malicious hacks or user error (the most prevalent form of breach in the U.S.). This escalating threat has received mixed responses from U.S. companies, many of which believe they are too small or globally insignificant to fall victim to a breach. In fact, the opposite is true; though much attention is given to incidents involving Fortune 500 companies, small and medium-sized businesses (SMBs) are the most vulnerable due to limited resources and lack of cyber preparedness.
Increasing your company’s cybersecurity preparedness
is a necessary cost of doing business in today’s
marketplace. Breaches can lead to considerable fallout for any company, including data loss, inability to conduct business, harm to your company’s reputation, and costs associated with responding to applicable breach notification laws, law enforcement, regulatory inquiries, and defending tort claims. According to Dr. Jane LeClair Chief Operating Officer National Cybersecurity Institute, a cyber event could be the death knell for an SMB: “Fifty percent of small to medium-sized businesses have been the victims of cyber attacks and over 60% of those attacked go out of business.” So the question is, how prepared is your company if a breach occurs?
“I have an IT professional. Isn’t that enough?” No, cybersecurity now extends across multiple professional disciplines. Legal counsel is now essential for companies to mitigate the wide-ranging tapestry of industry standards and state, federal, and international laws governing data security. This typically involves preparing breach response plans, security-conscious corporate policies, vendor agreements, notification procedures, providing onsite counsel during a breach, and litigation defense services when a lawsuit is filed.