Kaspersky for Startups

Why you need to secure the seeds of your business

Small businesses cannot rely on security based on obscurity. In other words, it doesn’t matter how well known a business is, everyone is a potential target. Criminals care little about the size of their victims – they only care about whether there is money they can steal or valuable digital assets that they can extort, and whether it is difficult to get to them.

Other than the clear damage to the bottom line, founders need to worry about how their investors, stakeholders and customers view them and how their reputations are affected following a data breach. As a result, many startups are fearful of reporting cyberattacks.

According to the Kaspersky Lab 2017 IT Risks Report 70% of small businesses suffered two or more data breaches in 2017 and the victims most commonly faced data loss, a temporary inability to trade and an increase in the cost of doing business. On average, SMBs paid $87.8K per security incident and up to 140K for incidents affecting infrastructure hosted by a third party. And these costs are rising year-on-year.

However, with European GDPR regulations due to come into force in May 2018, which oblige companies to report breaches, startups need to be doing all they can to avoid disaster and make sure they have the right processes in place.