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Help Net Security
October 31, 2023
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THE HIDDEN COSTS OF DATA BREACHES FOR SMALL BUSINESSES



Nearly 8 in 10 small business leaders admit they are anxious about the safety of
their company’s sensitive data and information, according to Shred-it.



According to the Identity Theft Resource Center’s report, the number of data
breaches remains in line with the all-time high set in 2021, and consumers are
not oblivious to the stark realities of cybercrime. 81% of consumers would stop
engaging with a brand online following a data breach, stated a Ping Identity
consumer report.

Additionally, the cost of data breaches to all businesses is at its highest
level ever with an average cost of more than $4.4 million globally, more than
$5.1 million in Canada, and more than $9.4 million in the U.S. This financial
impact could cripple a small business as they face potential regulatory actions
and fines, legal fees, and the loss of customers.


DATA BREACHES AFFECT 1 IN 4 SMALL BUSINESSES

This year, Shred-it’s report found that 1 in 4 of the small business leaders
surveyed reportedly experienced a data breach in the past and, of those, 50%
said it was caused by employee error.

45% of consumers noted having experienced at least one data breach. Furthermore,
3 in 4 small business leaders and 94% of the individual consumers surveyed said
they are concerned about future data breaches.

To help avoid future breaches, more than 90% of small business leaders believe
that data and information protection and compliance training is an essential
security practice. Still, interestingly, only 15% require employees to complete
them.

“Following years of stress from the global pandemic, small businesses and
consumers now face many financial pressures due to inflation, lingering supply
chain issues, and rising prices,” said Cory White, EVP and chief commercial
officer at Stericycle.

“Running a business is now more costly than ever, and businesses continue to
look for ways to save money. Our 2023 Data Protection Report found that small
business leaders recognize that information and data security are critical in
building and retaining strong relationships with customers. However, many are
still at risk of losing customers and related revenue if sensitive physical and
digital data protection becomes compromised. Addressing data protection properly
is an essential part of business leaders’ strategic decisions,” added White.


TRAINING AND EDUCATION CAN HELP MITIGATE POTENTIAL RISKS

73% of the small business leaders and 94% of the consumers surveyed are
concerned about data breaches in the future. These concerns are even higher
among Canadian small business leaders (81%).

Only 60% say they are proactive when it comes to data and information
protection, and a mere 22% report being ‘extremely proactive,’ potentially
leaving many small businesses exposed to future issues.

71% fear that their employees will not know what to do in the event of a breach.
However, only 15% of small business leaders report that they require their
employees to take any training, and the few who do have mandatory training are
not offering it regularly.

63% of small business leaders admit they do not have a reliable source to
maintain relevant policies and training. 76% worry that regulations will only
become more complicated and burdensome for small businesses in the future. These
worries are even more pronounced for Canada-based small business leaders (87%).

67% of small business leaders are overwhelmed at the thought of changing
procedures to meet existing regulations. 47% do not currently have third-party
partners for managing sensitive digital data and information, but more than 90%
of those who do use a third-party partner feel their partnerships are deeply
valuable.

“Small business leaders need to be proactive and allocate more budget upfront or
risk significant revenue loss that is difficult to recover from,” said Michael
Borromeo, VP of data protection at Stericycle. “They have an opportunity to
protect themselves by offering regular employee training and developing an
understanding of the shifting data protection regulatory landscape — both of
which a trusted third-party partner can provide valuable guidance.”





More about
 * cybercrime
 * cybersecurity
 * data
 * data breach
 * Identity Theft Resource Center
 * Ping Identity
 * report
 * Shred-it
 * survey

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