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February 23, 2018

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ESSENTIAL AIDS FOR SMALL BUSINESSES COMBATING CYBERSECURITY

 

The U.S. Congress recently posted on the Internet new 

Cybersecurity aids for small businesses.  After a congressional committee concluded that nearly sixty percent (60%) of small companies go defunct following a hack and seventy-one percent (71%) of all cyber-assaults occur at businesses with less than 100 employees, the Committee stressed the need for small businesses to address Cybersecurity.  One point should be very clear for small businesses:  the issue of Cybersecurity is no longer associated only with large companies such as financial institutions (e.g., JP Morgan), manufacturing behemoths (e.g., Samsung), and media companies (e.g., Sony Pictures)(1) and that proposition has been true for some time.

 

After sounding the alarm about cyber-dangers, the House Small Business Committee posted the following content contained in three subparts that provide invaluable guidance small businesses should heed:(2)

 

Building Security in the Internet of Things

The Internet of Things is a fast-growing network of day-to-day consumer products and services that connect to the internet. As small businesses, it is important to make sure your products and assets are protected from hacking. Here are some best practices on how to protect yourself.

Data Breach Response

What do you do when you find out your network has been breached? Who do you contact? What cautionary measures do you take? This pamphlet shows best practices in case of a data breach. 

 

Protecting Personal Information

Your information as well as your client's information, is personal. Take precautionary actions to protect your data online with these tips. 

 

Failure for businesses, regardless of size, to take appropriate conduct reasonable under the circumstances could lead to exposure.  However, based on the congressional committee’s findings, Cybersecurity is not merely about liability; rather, it can be about survivability and solvency (at least in the small business context).(3)  As this firm already reminds its many small business clients, other entities (and promoters) should consider factoring in budgetary costs to address potential Cybersecurity threats to ensure that an entity remains a going concern.

 

ENDNOTES

 

(1)  After a cyber-attack in 2014 that led to the online dissemination of credit information and private emails, Sony Pictures CEO Michael Lynton began faxing—what some considered anachronistic—sensitive messages. 

 

(2)  See http://smallbusiness.house.gov/resources/committee-publications.htm#sthash.uMbXkApk.dpuf, last visited Mar 14 2017.

 

(3)  In 2016, the Business Continuity Institute identified cyber-crime as the biggest threat to business. 

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