Though over 70% of data security breaches are targeted at small businesses or particular industries1, it’s rare that the business itself discovers the breach. Most events are detected by a law enforcement agency or a third party, such as a bank or a card association, that notices a rise in fraud that can be traced back to a specific merchant. When a breach of payment data is reported (or even suspected), it kicks off a series of unavoidable and costly actions:
When all is said and done, the direct costs of a data breach for a small business can be very costly. The numerous indirect and non-monetary consequences can be equally or even more damaging to your business:
Considering these various significant impacts, it’s critically important that your business security strategy keep pace with the evolving threat of cybercrime.
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1. Tegan Blackburn, LLC, National Cyber Security Recognition, October 2014