I often quote the statistic that Experian promotes that 60 percent of small and medium businesses that suffer a cyber security breach go out of business within 6 months. That is a pretty sobering number.
However, First Data reports two amazing statistics –
First, they say that 90 percent of the data breaches impact small merchants and second, that 70% of small business owners go out of business within 6 months (see article). The quote, reporting from a convention for independent grocery stores goes on to say that these businesses need to take action now.
Whether either number is exact or not, the number is very high and the risk to the business owner and investors is also very high.
The first step to addressing the problem is to do a risk assessment and see where the biggest exposure is. And, it is likely you will need to hire a professional to deal with the situation,