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Cyber Attacks Continue To Rock Employers

Jennifer Kurtz, the cyber program director at the Colorado-based nonprofit Manufacturer's Edge, recently spoke about cybersecurity and data breaches at the New Mexico Manufacturing Extension Partnership's Manufacturing Day.

Kurtz states that organizations should be concerned about cybersecurity if they want to keep their business, reputation, customers, money, and employees, and not get sued.

She noted that phishing, ransomware, and security breaches not only lead to stolen or compromised data, but also financial loss and even closure in some cases for the targeted organization. Most businesses are at risk of a cyberattack, especially if they, like pretty much every organization, conduct business over the internet and store digital data. Jason Gibbs "Here's what small businesses can do to thwart cyber attacks" lcsun-news.com (Feb. 25, 2019).


Commentary

The statistics on data breaches and cyberattacks are worth noting.

According to the 2018 Cost of a Data Breach study conducted by IBM and Ponemon Institute, the global average cost of a data breach increased 6.4 percent last year to $3.86 million. The average cost for each lost or stolen record containing sensitive and confidential information increased by 4.8 percent to $148 per record.

Over half (55 percent) of all small and mid-sized businesses have experienced at least one data breach or cyberattack, according to Kurtz. In 2016, 70 percent of targeted cyberattacks affected small and mid-sized organizations, with 60 percent of those attacks “severely impacting” the affected organization. Fifty percent experienced ransomware, and 48 percent of those paid the demanded ransom.

Over three years, cyberattacks cost $12 billion worldwide and three billion dollars in the US. It costs small businesses an average of $38,000 to recover from a single cyberattack.

Fortunately, according to Kurtz, 94 percent of cyberattacks against organizations are preventable. The vast majority of attacks are human error—for example, using public Wi-Fi while traveling; failing to use strong, unique passwords for devices and accounts; opening unknown email attachments; or responding to suspicious emails.

Training is essential, including training on the security of mobile devices; stopping phishing and identity theft; preserving passwords; preventing malware, and understanding the role of social engineering.

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