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FTC Unveils Cybersecurity Resources for Small Businesses

The Federal Trade Commission (FTC) has released cybersecurity resources to help small businesses and nonprofit and charitable organizations combat ransomware, phishing and email authentication attacks.

FTC’s new cybersecurity resources teach organizations how to protect their networks and data against cyber threats. They focus on the following topics:

  • Business Email Imposters.
  • Cyber Insurance.
  • Cybersecurity Basics.
  • Email Authentication.
  • Hiring a Web Host.
  • Phishing.
  • Physical Security.
  • Ransomware.
  • Securing Remote Access.
  • Tech Support Scams.
  • Understanding the National Institute of Standards and Technology (NIST) Cybersecurity Framework.
  • Vendor Security.

FTC’s cyber resources for small businesses and nonprofit and charitable organizations are now available, and they can be accessed online free of charge.

How Much Do Security Incidents Cost SMBs?

Small and medium-sized businesses (SMBs) lose an average of $120,000 per security incident, according to research from cybersecurity solutions provider Kaspersky Lab. In addition, Kaspersky noted that North American SMBs spend an average of 25 percent of their IT budget on security.

Cybersecurity spending among SMBs is projected to rise in the foreseeable future, too.

Global cybersecurity spending among all businesses is projected to increase at a compound annual growth rate (CAGR) of 10.7 percent between 2013 and 2023 and could total $165.2 billion by 2023, industry analyst ReportBuyer indicated. The growing need for SMBs to combat cyberattacks is one of the primary factors that could drive the global cybersecurity market’s expansion.

How Are Small Businesses Addressing Cyberattacks?

Small businesses are increasingly adding cybersecurity and data privacy insurance due to the risks associated with employee data collection and their reliance on computer networks.

Eighty-two percent of small businesses have purchased cybersecurity and data privacy risk insurance for protection against financial loss, according to a survey of IT decision-makers conducted by insurance brokerage and consulting firm USI. Furthermore, 74 percent of survey respondents cited preparing for a data privacy breach as their top reason for buying cybersecurity and data privacy risk insurance.

New security services also are becoming available to help small businesses safeguard customer data and assets against cyberattacks.

For example, GoDaddy last year launched the TrustedSite website security certification. TrustedSite ensures GoDaddy domains and SSL now offer McAfee SECURE certification.

Small businesses can use TrustedSite to scan their websites for malware and malicious links, GoDaddy said. Plus, they can display the certification’s logo on their websites to highlight their commitment to cybersecurity.

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