In fact, recent cybersecurity statistics show that, despite their size, small businesses account for the majority of data breaches (58%). And cyber attacks on small businesses represent the largest share of all the attacks in the report. In fact, a shocking amount of high-profile data breaches in recent years have occurred because of employee behaviors. Data Breaches Bring Dire Consequences to SMB’s. Small businesses often lack the time, resources, and know-how to implement measures to protect themselves. From disgruntled employees committing sabotage to innocent mistakes, humans are one of your organization's greatest information security risks. Many GDPR breaches are revealed after internal investigations within an organisation, when the organisation has the option to report the staff member who made the offense, which is what happened to the social services support officer in Dorset County Council after it was revealed they accessed social care records without having any business reason to do so. During a phishing, malware or ransomware attack, small businesses lose credit card numbers and other critical customer data – and they also lose customer confidence. Unlawful access to information. That’s why we witness hundreds of malicious and inadvertent insider attacks that lead to data breaches and harm companies. And the best way to protect one’s small business is to employ an ecosystem of security solutions that work together to catch fraudulent spend quicker and put an end to data breaches much faster. Small businesses at high risk for data breach The big data breaches make headlines — such as the millions of consumers whose financial secrets were exposed by the Target Corp. hack. Example Data Breach Costs The following industry-specific examples are based on claims data collected by the data breach insurance carrier RGS Limited and a 2016 small and medium-sized company data breach report published by the state of California. But according to the Verizon 2019 Data Breach Investigations Report (DBIR), 43% of cyber-attacks target small businesses. Small business data breaches can bring serious repercussions. Small businesses are vulnerable to data breaches for a three key reasons: Small businesses tend to think they are too small to be a target—nearly 87% of small business owners believe they are not weren't at risk of a data breach. This is a list of data breaches, using data compiled from various sources, including press reports, government news releases, and mainstream news articles.The list includes those involving the theft or compromise of 30,000 or more records, although many smaller breaches occur continually. In the past year, 77% of data breaches involved an insider, according to Verizon. According to Layr, 60% of small business will go out of business six months after a data breach or cyber-attack occurs. In the two prior fiscal years, participants report 58% in FY 2018 and 54% in FY 2017, respectively. Once this happened rarely. Employees know all the ins and outs of a company’s infrastructure and cybersecurity tools. The consequences to small businesses can be devastating in terms of profit, growth, and customer loyalty. Risk to Small Business: 2.142 = Severe: Due to the personalized nature of this data breach, anyone conducting a personal or business real estate transaction is encouraged to be highly critical of digital funding requests. Businesses don't need to be massive corporations or house treasure troves of sensitive information to be frequent targets of cyber attacks. When did you last read about a small business being hacked in the news? In this article, we discuss the reasons for and consequences of five benchmark data … Data from a 2019 study by Keeper Security and the Ponemon Institute shows that the number of small and medium-sized businesses that experienced data breaches increased to 63% in FY 2019. Such attacks often lead to financial and reputational losses and may even ruin a business. An insider, according to Layr, 60 % of small business will go out of business six months a. Of high-profile data breaches involved an insider, according to the Verizon 2019 Breach... 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