Takeaway: In light of major company data breaches, smaller companies need to be mindful and take action to protect against any cyber incidents and breaches.
Recently, news broke that the world-renowned law firm Jones Day experienced a third-party data breach. Only a few days ago, Kroger, the large grocery chain, made headlines itself when it had fallen victim to a data breach involving a third-party vendor’s file-transfer service.
As equally devastating is the frequency that smaller businesses get hacked. Unlike large companies, small to mid-sized businesses are more likely to suffer irreparable loss.
Smaller businesses are less likely to have the tools and training in place that would prepare them in the event a cyber incident or breach occurs. Small to mid-sized businesses seem to be more hesitant to ask for help because of what could be considered a “false sense of security,” and most do not have cyber insurance. This phenomenon is due to a gap in reporting of small business breaches — not because small to mid-sized businesses are less appealing to bad actors.
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