Ransomware Equals a Data Breach

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From a data regulator’s perspective, it is the responsibility of your business to keep data safe from cyberthreats, inform clients about a breach within a stipulated period and provide necessary documentation as proof of your efforts. Although different regulations have laid down distinct mandates for breach notifications, the principle remains intact.

While there is an over-arching belief that data isn’t really “stolen” in a ransomware breach, no organization hit with ransomware has been able to back this up as fact. That’s why compliance regulations mandate businesses to notify their clients if their data is in jeopardy.

Implementing Ongoing Risk Management as a Standard Practice

black king chess piece stands as sole survivor on a chessboard with white pieces laying down

In 2021, organizations that didn’t have zero trust incurred an average breach cost of USD 1.76 million more than those organizations with a mature zero-trust approach.1 It’s no wonder that 69% of organizations believe that there will be a rise in cyber spending in 2022 compared to 55% in 2021, and more than 25% expect double-digit growth in cyber budgets in 2022.2 With cyberattacks surging due to widespread remote work and increased online interactions during the pandemic, it seems likely that this trend will only continue to grow further.

About 85% of breaches involved a human element in 2021. Additionally, 36% of breaches involved phishing attacks while ransomware attacks contributed to 10% of attacks.3 Amid such an evolving threat landscape, your top-most priority should be ensuring an advanced layer of cybersecurity that can protect your organization from malicious actors.

Are You Aware of the Digital Risks to Your Business?

man on walking a tightrope over a digital landscape

Rapid technological advancement and rising global connectivity are reshaping the way the world is functioning. From higher productivity to improved customer satisfaction, technology has played a critical role in the growth of businesses across the world. However, the consequential bad news is that technological advancements have also made organizations increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security.

Organizations that understand how to detect threats and include preventative security measures and controls, as well as proactive solutions and thorough strategies, may better meet the security problems they face in modern digital environments. Let’s discuss the different types of digital risks you should be looking out for and how you can use this information to get positive ROI.

How to Build Trust Using Your SMB’s Technology

SMB Technology

Technology can be a daunting investment for small and medium-sized businesses (SMBs). Between the initial cost and the time and effort it takes to maintain and keep up with technology, it’s little wonder why so many SMBs are hesitant to invest in it.

However, when done correctly, technology can be a powerful trust-building tool for SMBs. By having reliable technologies, you can build trust among your people, processes and customers. This trust can result in better outcomes for your company, including job satisfaction, employee and customer retention, innovation and your bottom line.

Why Your Business Needs to Prepare for Cyber Incidents

SMB-cyber

As the world becomes more digital, so do the risks of conducting business online. Cyber incidents can happen to any business, regardless of size or industry, and can have serious consequences.

The following are some examples of common types of incidents to look out for:

Phishing
Phishing is an online scam in which criminals send emails or instant messages falsely claiming to be from a legitimate organization. These messages typically contain links to bogus websites designed to steal your personal information such as your login credentials or credit card number. Phishing attacks can be challenging to detect because scammers use familiar logos and language to dupe their victims.

What to Say ‘No’ and ‘Yes’ to When Practicing Trust-Building in Your Business

Yes / No

The world has become a less trusting place. A recent study by the Edelman Trust Barometer found that trust in business, media, government and NGOs has reached an all-time low. The study also revealed that trust levels are divided along generational lines, with millennials displaying the lowest levels of trust.

This can have far-reaching consequences, including decreased investment, creativity and job creation. Shockingly, this trend was consistent across different countries and cultures. As a business, you must do everything possible to counteract this tide. Building trust throughout your organization can improve job satisfaction, employee and customer retention, innovation and your bottom line.

Balancing a Proactive and Reactive Approach to Cyber Incidents

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A cyber incident is a type of security event that can harm a business like yours. Ranging from data breaches and system failures to malware attacks and phishing scams, these incidents can hinder productivity, revenue growth and customer satisfaction.

In most cases, a cyber incident will result in data loss or downtime. This can include loss of confidential information, customer data or business records. In some cases, a cyber incident can also cause business interruption or financial loss.

How to Find the Right Managed IT Service Provider for Your Business

In the right hands

When looking for an IT service provider for outsourced tech support, it’s crucial to remember not all IT service providers are the same. You need to find one that understands your specific needs and can offer you the best possible service.

There are a lot of IT service providers out there and it can be tempting to go with the cheapest one. However, you get what you pay for in most cases. Inexpensive providers frequently provide lower-quality services, which can lead to costly problems in the future.

Cyber Incident Response 101 for Small Businesses

Cyber Incident Response without plan

Imagine it’s the end of a long workday and you’re ready to head home for the evening. However, just as you’re about to leave, you find out your email credentials have been hacked and critical data has been stolen from your business. As a small business, you may have to deal with similar scenarios caused by phishing attacks, ransomware, malware or any other security threat.

The question is, do you have a plan in place to respond quickly and effectively to minimize the impact on your business?

The Case for Trust-Building as a Small Business (It’s Not Just for Enterprises)

There is a strong connection between trust and prosperity. In fact, when trust levels are high, businesses tend to grow faster. According to McKinsey and Company, Harvard Business Review, Forrester Research and many other reputable organizations, trust is the connecting fabric upon which innovation and business success are built.

You might think that trust-building isn’t crucial for small to medium-sized businesses (SMBs), but it is critical if you want to achieve your business objectives and keep your employees and customers satisfied. While you might not expect a technology company like ours to discuss trust, we care about your business objectives and believe it is essential for your people, processes and technology.