Small Business Pam Watson Korbel
|Pam Watson Korbel is an expert on small business and revenue growth. She personally managed exponential growth in two companies: a software firm that grew by 500% in four years and a health care firm that grew by 1800% in eight years. In addition, she has been advising fast growth companies as a coach and consultant since 1996.|
Hacking Is Not Just For Big Companies
Computer hacking is not just for big companies anymore. In fact, experts estimate that between 44 and 66 percent of small businesses have experienced a cyber attack in the past three years.
Estimates show that the average cyber attack costs a small business $200,000 in the first year and that two-thirds are forced out of business within a year because of this high cost. Small companies have a larger risk because they typically have weaker online security. Among this market, 20 percent do not scan emails to protect against threats and 60 percent do not use encryption systems for web traffic moving in and out of company sites.
In addition, all businesses face a larger cost for cyber attacks because laws to protect against security threats for commercial bank accounts are not as beneficial to them as they are to consumers holding personal accounts.
So it just makes sense for entrepreneurial companies to put a security policy in place and activate several smart practices to reduce and eliminate cyber attacks.
Technology and Accounting advisors suggest that a good security policy covers four areas:
Practices to put in place to reduce or eliminate cyber attacks include:
Even though cyber attacks seem like a relatively new phenomenon, regulators expect small business owners to take responsibility for protecting their companies. While no one person can understand and know all the relevant information, like in other business functions, advisors are readily available to assist with security for any business.
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