JULYASIA BUSINESS OUTLOOK9A PRACTICAL GUIDE TO HIGH-RISK CYBERSECURITY FOR SMALL & MED-SIZED BUSINESSESBy Asia Business Outlook teamIMPRESSIONSIn today's business world, internet has become necessary tool. Companies of all sizes have integrated the internet into nearly every aspect of their operations, a trend that is likely to accelerate as businesses embrace mobile and cloud computing to a greater extent. And, while the internet has facilitated tremendous economic growth, it has also introduced significant security risks. Massive data breaches have become commonplace, and the average cost of such breaches hit new highs last year. Cybersecurity is clearly a concern shared by the entire business community, but it poses a particularly dangerous threat to smaller businesses. The reason is straightforward: small and medium-sized businesses (`SMBs') are not only targets of cybercrime, but its primary target..In fact, the majority of all targeted cyberattacks last year were directed at SMBs. Even more concerning is the fact that cybercrime poses an existential threat to small and medium-sized businesses. It is estimated that half of small businesses that experience a cyberattack go out of business within six months.Cybercrime DilemmaSmaller businesses are not the only ones who should be concerned. Many SMBs have direct and indirect business relationships with larger organizations, which cybercriminals are well aware of. Because SMBs' cyber defences are typically less robust than those of larger organizations, cybercriminals are focusing on them as a gateway into larger organizations. In fact, it is believed that the cybercriminals responsible for the breach of Target's systems in November 2013, which resulted in the theft of personal information from 70 million people, gained access to Target's system by breaching the network of the small business that Target used for heating and air conditioning services. Large organizations are now, in effect, a `sprawling network' of interconnected business partners, any one of whom could serve as a vector for a cyberattack. Business leaders have requested government assistance with this critical issue, and a coordinated approach is clearly required. This article will discuss the unique challenges that SMBs face when dealing with cybersecurity issues, as well as possible solutions, with a focus on the crucial roles that the private and public sectors will need to follow.Cybercrime: A Threat to SMBs?Several successful cyberattacks against some of the country's most prominent firms have occurred in recent years. Only in the last two years have major breaches at eBay, JP Morgan, Home Depot, and Target been reported. These breaches, which affected approximately 353 million customers, were spectacular not only because of their size, but also because of the seemingly constant rate at which they appeared to occur. Because the popular press focuses on attacks like these that target the largest corporations, it is easy to overlook the fact that SMBs are at even greater risk, and are far more vulnerable once they are victimized. In fact, there are many more threats to confidential data held by local businesses for every high-profile breach. Some basic statistics will help to frame the scope
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