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Invest in cybersecurity to protect operations

Economic slowdowns are the worst time to experience a cyberattack. It is essential that businesses protect data sources — especially employee, customer and financial data. In a survey, 27% of CEOs said that they had experienced a cyberattack in the past year, up 3 points from Q4 2017. Though some attacks were minor, others shut down companies for days, destroyed their data, or resulted in a loss of more than $100,000, even after insurance. Experts believe that cyberattacks are vastly underreported; many CEOs don’t realize they have been compromised, while other CEOs don’t report the breach to protect their company’s reputation. More SMB CEOs now recognize the threat of a cyberattack to their business and are rushing to improve their cyber defense. In Q4 2018, 43% of CEOs reported that their cybersecurity strategy is currently up-to-date and reviewed annually. That’s up from 37% in a Q4 2017 study. In addition, 33% report having a plan in development or a plan that has fallen out-of-date. About 25% have no cybersecurity strategy at all, leaving their business exposed to cybercriminals. CEOs know that cybersecurity is important, as 30% say that they will invest in cybersecurity this year.