Most midsize business leaders view a data breach among their top risks, according to The Hartford’s survey of midsize business owners and C-level executives. And it’s wise for them to be concerned.
More than two in five mid-sized businesses (43%) say they have suffered a data breach in the past three years, according to a new study from The Hartford. Yet, the Ponemon Institute reports that just one in five businesses have a current cyber liability policy in place.
“All types of businesses have networks and networks can be vulnerable to a breach,” said Joe Coray, vice president of The Hartford’s Technology & Life Science Practice. “As we have seen in recent years, a breach involving a supplier or vendor can impact a business as much as a breach of its own IT systems. Whether businesses are hosting their data internally or entrusting it to external business partners, it is important that they validate how their information is being secured.”
According to the survey, 82% of midsize business leaders consider a data breach at least a minor risk, while 32% see it as a major risk. They also are aware of the risk a breach with a supplier could cause, with 53% of midsize leaders considering IT security and data protection practices very important when selecting a supplier.
Most cyber-breach victims are small to mid-size businesses, which are at the greatest risk for an attack. Their level of preparation is low, and the costs of customer notification alone can be enough to do a small company irreparable financial harm. With these threats increasing on a daily basis, it’s not if you will get breached. It’s when.
Contact SLPowers today and speak with our security experts about putting a multi-layered security solution in place that will effectively protect your business’ critical competitive data. And your reputation.