While large-scale corporations likely have provisions in place for cyber threats, many smaller enterprises simply believe they’re too small to face cyber attacks, leaving them extremely vulnerable.
Under-investment in skills development coupled with a massive spike in outsourcing for more than a decade has left the industry with a growing shortage of skilled cyber security specialists. There’s now escalating demand for cyber security skills and a shrinking pool of resources – a shrinking pool that is able to demand ever higher rates, making essential cyber security unaffordable for all but the largest and most successful companies.
But before you forego cyber security for your company, consider the alternative.
The consequences of a cyber attack, particularly for a small and medium-sized enterprises (SMEs), can be devastating. Loss of revenue is the primary cause of irreversible damage, from the theft of sensitive financial information and loss of suppliers. Subsequently, the costs for recovering and reinstating business could be huge, particularly with the loss of suppliers.
Company reputation is also impacted by a cyber attack. If consumers and suppliers believe cyber security is not a priority, they’ll look elsewhere for services.
And when you consider the potential fines involved, breaches to sensitive consumer information can lead to insolvency procedures for SMEs.
Putting the proper provisions in place will help ensure preparedness in the face of a cyber attack. For starters:
- A backup procedure will speed up recovery. If company files are encrypted, it’s easier to restore and get back up and running.
- Updating systems regularly is key to minimizing vulnerabilities in the company’s network. Make sure all computers run on the latest installation process and communicate the necessity for doing so, particularly to staff who ignore update notifications.
- Employee training on cyber security is essential. Accidental clicks on harmful emails are primary entry points for hackers, so staff must be trained in identifying phishing emails.
Where to Start with Your Enterprise Security
Get the cyber security training your organization needs now to stay secure. IEEE’s Cyber Security Tools for Today’s Environment is an 11-course cyber security training program designed to help businesses improve security techniques. Register today to get this for your company, or explore our other courses on the subject here.
Kennedy, J. (1 Mar 2018). Cybersecurity skills shortage. CSO
Wall, E. (1 Mar 2018). Cyber security threats and provisions for SMEs. IT Pro Portal