(This post originally appeared on Philly.com)
Is your company’s data adequately protected? The answer is likely no. That’s the findings of two recent studies and if you’re a small business owner it’s a matter that needs your attention … immediately.
The first study, conducted by the password manager firm Keeper Security, found that 60 percent of the small business owners they asked admitted they do not have a cyber attack prevention plan, with two out of three respondents believing that a cyber attack is “unlikely.”
That’s just wrong. In reality, according to that same study, 67 percent of small and medium-size companies experienced a cyber attack in the last year alone. Research from another study released last week by IBM showed that the cost of a data breach has risen 12% over the last five years and now averages $3.92 million per business.
Data security is a big, expensive issue and yet not enough small business owners seem to be paying attention. The issue has become so significant that a new bill — the Small Business Cybersecurity Assistance Act — was introduced last month in the Senate and aims to authorize the country’s Small Business Development Centers to work with the Department of Homeland Security to “provide consulting to small businesses on how to strengthen their cybersecurity protocols.” New materials and education programs are also part of the proposed legislation.