IT is Risky for Business: How to Stay 3 Steps Ahead of the Enemy

Pay Now, or Pay the Ultimate Price Later

Subscribe

Sign up for our eNewsletter, Good Sense, to get updates on financial, strategic and operational best practices for financial institutions.

Subscribe

Get the latest information on legislation, tax reform, business guidance and on farm optimization strategies from your K·Coe Isom Ag Experts.

Subscribe

Get the latest information on legislation, tax reform, business guidance and biofuel manufacturing optimization strategies from your K·Coe Isom Biofuels Experts.

Reading Time: 2 minutes

Becoming a cybercrime victim in the United States today is increasing in probability.  Network breaches have increased 67%, while ransomware attacks have increased 400% this year.

Biofuels companies in particular were put on high alert due to a surge of cyberattacks and staggering losses this year.  If that’s not your industry, you shouldn’t feel any more secure where you’re sitting.

According to the FBI, cyberattacks are happening in all industries, all sizes of business, and all demographic locations.  Whether you are a ‘mom and pop’ store, small farming operation, rural cattle ranch, horticulture business, or large processing plant – your money is attractive to any criminal who can get at it.  And yes, they’re trying.

Who is most at risk?

Everyone.  Whether you are a large business or a small one, you are vulnerable.  In fact, small businesses are quickly becoming a target area for cyber criminals.  Criminals are finding that small businesses are ripe for the picking, so to speak.  Their security practices and technology are often easy to victimize – mostly because small businesses don’t spend the necessary time or make the ongoing technology investment needed to secure networks, tighten risks, and update systems.

How grave are these risks? 

Large businesses:  The average direct cost of a breach reaches into the millions depending upon the size of the company.  True costs cut even deeper.

Small businesses:  The national average for a small business loss is between $84,000 and $148,000 – and that does not account for the amount companies must spend due to disruption to normal operations.  Sixty percent of small businesses go out of business within six months of an attack.

Steps for cyber security

It’s no secret that behavior plays a key role in combatting cybercrime, and prevention is the best defense.  K·Coe Isom’s ag advisor, Maxson Irsik, and K·Coe technology expert Jason Smith share the three crucial steps businesses need to take to stay ahead of the enemy in this High Plains Journal article: Defend Your Back Office Against Cybercrime.

The worst thing a business can do, is put it off until later – lack of cyber prevention and security in this day and age becomes a matter of not if, but when.

Contact a K·Coe Isom technology advisor to evaluate the efficacy of your system, and your business’ best practices for prevention.   

K·Coe People Related to this Post