Did you know that there is a Ransomware attack every 14 seconds?

I continue to be amazed at the naivete of business owners around the topic of Cyber Security. Is it just plain denial? Recently, at a Security speaking event in Atlanta, I met a very prominent business owner named George. After we exchanged pleasantries, he said "Howard.....I don't really see a need for Cyber Security in my business given what we do in the non-profit space." I stared at him for a moment and said, "Do you have a website for your business?" He nodded. "And do you email people as part of your business?" "And do you use the internet? After he confirmed all, I said, "If you leverage technology to conduct business, you are exposed to cyber threats. No one escapes this threat."

And that is the truth. EVERY business has a need for cyber security. If you have a website, you have a need. If you email, you have a need. If you conduct business anywhere online, you have a need. More than 50% of all Cyber attacks are targeted at small businesses. Every company is moving towards complete digitization of their processes, from storage to communication.

More than almost 60% of companies have experienced cyber attacks such as DDoS attacks, phishing, and social engineering attacks.

The problem is that small business owners often do not pay attention to cyber security, thinking they’re not even worth being attacked, and this is what makes them the perfect target. Hackers may gain access to their data and steal consumer information, which may include personal details, credit card numbers, and social security numbers. According to Juniper research, surprisingly small businesses invest less than $500 in cyber security.

The Need For Cyber Security

The 2019 Official Annual Cybercrime Report (ACR) predicts that businesses will fall for ransomware attacks every 14 seconds. So, by the time you raise your wrist to look at the time and lower it back, somewhere in the world a ransomware attack has already taken place.

With the internet user growth accelerating to more than 366 million new users coming online in 2019, according to the 2019 Global Market Insights, it is anticipated by the year 2024 that the cyber security market will be a $300 billion industry.

An upward spike in the number of internet users open-up an equal number of avenues for cyber-threats. Citizen data privacy, malicious malware, penetrative hacks, botnets and spam are just some of the minor problems that pop-up when discussing cyber-security. This only brings us to the rising need of cyber security in the country.

Cybercrimes have accounted for trillions of dollars in losses, as per Juniper research the amount in 2019 was $2 trillion. It is estimated that by 2027, global spending on cyber security will reach $10 billion. In this age of IoT, where there is no escaping the internet, it is very important to understand the importance of cyber security and more importantly, the types of cyber security threats around you!

If businesses rely on technology in any way, then there is a potential threat. And with half of all Cyber attacks targeting at small businesses, companies need to invest security procedures and training employees.

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About Howard & TeamLogicIT

Yes, there are lots of technology service providers and all purport to do the same thing. So what makes TeamLogic different? First, is our cyber-security expertise. My background in this area is extensive and includes working with the NSA and a long stint with McAfee/Intel Security. Second, my firm guarantees that we will always treat you the way we'd want to be treated and I personally back this up.

I can’t know your specific situation, but if you ever want to engage a company who puts your needs first and proactively gives you the most technology bang for your buck, call or e-mail me personally at 770-450-0910 or [email protected] or VISIT OUR SITE.

Talk soon, Howard.