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Lax IT security exposes small businesses

20 November 2013, 20:14

Nairobi -  Small businesses overlook their information technology security and the in the process expose their customers and put the future of their businesses at risk.

This is according to the Verizon’s 2013 Data Breach Investigations Report, which cited consultancy firms, independent legal firms, financial advisers and dentist offices as the most vulnerable.

“Of the 621 data breaches analyzed, companies with fewer employees accounted for 193 of the breaches, which represents over 30 per cent,” revealed the report that incorporates data from worldwide forensic investigations.

Verizon sampled companies with 20 or less employees.

The latest report follows another survey by PricewaterhouseCoopers which indicated a 76 percent increase in the number of breaches on small and medium size firms.

It was reported that 15 per cent of the businesses attacked last year confirmed that the attack was because of unauthorized access to business data with another 9 percent citing theft of intellectual property. Cyber criminals have been targeting mostly financial services and healthcare service businesses.

Customers in those services trust the service providers with very sensitive information such as medical records, payment and bank details, which can have devastating effects on both the business and the client if accessed by unauthorized persons.

“Cyber crime has become the second most frequent type of economic crime being experienced by financial service companies after asset misappropriation,” read an extract from the Pricewaterhouse Cooper’s  report.

– CAJ News



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