Data breaches + cybersecurity attacks on major corporations and government institutions get a lot of attention in the news these days, making it easy to overlook the threats posed to small and medium-sized businesses here in Chattanooga.

According to a cybersecurity expert with business solutions firm Elliott Davis, attacks on SMBs are more common than you think. With 8,232 small businesses operating in Hamilton County (93% of all businesses), the threat is something to take seriously.

Here are some surprising stats:

61%: The portion of small businesses that experienced a cyber attack in 2017. This number increased by 6% from 2016.
$2.2 million: The average yearly cost of attacks on SMBs.
$84-$148k: The average cost to small companies.
60%: The number of companies that go out of business following an attack.

Click the button below to learn about the proactive steps that could help your local business minimize the risk of an attack (and reduce the impact if one occurs), courtesy of the local experts at Elliott Davis.

While those numbers mentioned are disturbing, there are proactive steps that SMBs can take to minimize the risk of an attack + reduce the impact should one occur.

Assess cybersecurity posture. You need to conduct assessments to understand your company’s critical assets and current risks associated with cyber attacks, data breaches + other threats.
Develop a plan. You can prioritize where and in what manner to invest within your organization, and identify processes, procedures + best practices to reduce threats, limit disruptions + speed recovery.
Ensure compliance. You should develop and maintain a cyber risk management program, as well as comply with regulations and security requirements in order to avoid fines + penalties.
Train employees. It’s essential that employees understand the threat posed by cyber attacks and data breaches. Recognizing social engineering risks — like emailed or online links — is the first line of defense.
Remain diligent. Protecting your business requires an ongoing commitment to protecting your data + clients’ information. You must continually assess, plan, implement + monitor solutions to minimize risks.

Quoteworthy

“Chattanooga is full of large companies in high-risk sectors, like healthcare, transportation and energy. But it also has ordinary businesses and startups relying more and more on technology and digital solutions. This is something local companies should take seriously in order to protect their businesses, employees and customers.” — Jimmy Buddenberg, director of Elliott Davis’ risk advisory and cybersecurity practice

Click here to learn more about the cybersecurity and risk advisory services offered by Elliott Davis. Ⓟ