A study done in 2018 by State of Cybersecurity in Small and Medium Size Businesses segment, conducted by the
Ponemon Institute, sponsored by Keeper Security, revealed that small businesses
increasingly face the same cyber-security risks as larger companies, but only 28
percent rate their ability to mitigate threats, vulnerabilities and attacks as “highly
effective.”
The number of attacks, including phishing,
advanced malware, zero-day and ransomware attacks is rising -- with 67 percent
experiencing a cyber attack and 58 percent experiencing a data breach in the
last 12 months. Yet nearly half of respondents (47 percent) say they have no
understanding of how to protect their companies against cyber attacks.
Weak passwords can wreak
havoc on small businesses
As SMBs become more vulnerable, the risk of
employees and contractors causing a data breach or ransomware attack is
simultaneously increasing -- 60 percent of those surveyed cited a negligent
employee or contractor as being the root cause for a breach, compared to 37
percent pointing to an external hacker. Still, 32 percent of respondents assert
that their companies could not determine the root cause of a data breach they
have experienced in the past 12 months.
Forty percent of respondents say their
companies experienced an attack involving the compromise of employees’
passwords in the past year, with the average cost of each attack being
$383,365. Accordingly, 19 percent more IT and security professionals consider
password protection and management to be increasingly critical this year
compared to last.
Cyber attacks and data
breaches target SMBs
“More SMBs are experiencing highly
sophisticated and targeted cyber attacks. There is a failure to use strong
passwords, two-factor authentication and unique passwords for every website,
application and system. This is exposing SMBs to cyber criminals,” said Darren
Guccione, CEO and Co-founder of Keeper Security. “The results of the 2018 State
of Cybersecurity in Small and Medium Size Businesses study underscore the
critical importance of implementing a secure password management solution to
protect not only SMBs’ sensitive digital assets, but also their reputation and
the longevity of their business operation.”
Additional highlights of the study include:
- Respondents
indicated their two biggest password-related pain points are having to
deal with passwords being stolen or compromised (68 percent) and employees
using weak passwords (67 percent).
- Human
memory and spreadsheets are used to protect passwords. Only 22 percent of
respondents say their companies require employees to use a password
manager. Of the 74 percent of respondents who say password managers are
not required, more than half say their companies rely upon human memory
and spreadsheets to protect passwords.
- SMBs
continue to struggle with insufficient personnel and budget. Seventy four
percent of respondents note they do not have the appropriate personnel and
budget (55 percent) to effectively mitigate cyber risks.
- The
respondents who believe they are “highly effective” at mitigating risks,
vulnerabilities and attacks have higher budget and more in-house
expertise. These companies also dedicate a higher percentage of their IT
budget to cybersecurity.
“As the threat landscape evolves, cyber
criminals are leaving no stone unturned -- and companies -- no matter how big or
small -- are only as strong as their weakest link,” said Dr. Larry Ponemon,
chairman and founder, The Ponemon Institute. “The findings of the 2018 State of
Cybersecurity in Small and Medium Size Businesses study show far too many SMBs
rely upon human memory, spreadsheets and even sticky notes to protect their
passwords -- thereby weakening a critical link in the IT security chain.”
Best Regards ,
Web Admin
LATVIK SECURE
LATVIK TECHNOLOGIES ™
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