Cyber-risks are everywhere. A national retailer reported that 40 million debit and credit cards were affected in a 2013 breach. More recently, the federal government admitted that it experienced a huge breach affecting more than 20 million individuals that involved highly sensitive information, including information from security clearance applications.
Although those statistics are jaw-dropping, it is probably tempting for small- and medium-sized businesses to think they are not attractive targets. This is wishful thinking. In a May 2015 report, the Ponemon Institute said the average cost of data breaches affecting compromised records ranging from 5,000 to slightly less than 100,000 records—hardly “mega breaches”—involved an average total cost of $6.53 million. Recent reports of vulnerabilities at manufacturing companies, utilities and even in automobiles show that almost any business is at risk.
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