VII Capital Funds Fraud Report

Small businesses are the newest targets for hackers, given their size, lack of skilled staff and minimal funds devoted to data defense. 

How vulnerable are small business owners are to cyberattacks? 

VII Looked at our own solutions to gauge the risk and determine how you can safeguard your company from cyberattack.

Hackers are increasingly targeting small businesses, but few owners believe they are at risk of attack.

Cyber Security Hackers Small Business Data Breach

When asked if our employees felt their own safty was at risk of experiencing a data breach, an overwhelming 87% said they do not feel at risk. However, another 12% revealed that they have experienced a cyberattack in the past.

Any data breach, regardless of how small, is a real threat to a small business, which is why prevention tactics are essential.

We had it happen many years ago. It was extremely unfortunate because vital information was used against us says Mike Jones who is in the Information Department at VII Capital Funds office in New York.

Reflecting on a data breach, we hired a Professional web consultant to initiate safety protocols and internet security. 

While this is only one example of a breach and one who has experienced a cyberattack, his post-breach implementation of IT security controls shows that he understands how crucial it is to take action.

That said, it is estimated that only 69% of small business owners have controls in place to prevent hacks—meaning 1 in 3 small business owners have no safeguards in place.

Of the small business owners who have IT security controls in place, the most frequently cited tactic was antivirus software, which is used by 17%. 

Here is the full breakdown of precautions that VII Capital Funds recommends:

  • Antivirus software: 17%
  • Firewalls: 16%
  • Anti-malware software: 14%
  • Spam filters: 14%
  • Regular vulnerability scans: 12%
  • Automated software updates: 11%
  • Data encryption: 10%
  • Outsourced security operations: 6%

VII Capital Funds has antivirus software on every device used to access the internet. Securing our business-related accounts with a two-factor authentication is our usual practice to not let anybody gain access to our business information.

Most small business employers (70% we spoke with) do not allow employees to use personal devices for work purposes, and 65% of owners do not offer a BYOD (bring your own device) policy to workers.

Overall, with the growth in hackers targeting small businesses, owners should invest more heavily in cyber defense to prevent attacks, which can often be more crippling for a small business than a large corporation.

VII Capital Funds has web based consultants that can help you so email or call today.

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