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Wade Law Group March 2019

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Wade Law Group March 2019

MAR 2019

WADE LAW GROUP

THE LEGAL ISSUE 408-842-1688

www.WadeLitigation.com

2 WAYS TO IMPROVE YOUR CYBERSECURITY NOW, NOT LATER

BATTEN DOWN THE HATCHES — OR FACE THE CONSEQUENCES

Cybersecurity is a notorious boogeyman for small-business owners. The problem is that many entrepreneurs either believe cyberattacks are not a direct threat to their livelihood or that they cannot afford to put robust network security in place. In a time when digital threats exist in unprecedented abundance, this kind of thinking couldn’t be more dangerous — or irresponsible. After all, underinvesting in IT doesn’t just put you at a disadvantage to your tech-savvy competitors; it calls the very future of your organization into question. When a Fortune 500 company gets hacked, they shell out millions of dollars and make headlines. But when an unprotected small business comes under serious fire by cybercriminals, it often collapses quickly without fanfare or much of a fight. This is why poor cybersecurity “represents an especially pernicious threat to smaller businesses,” SEC Commissioner Luis A. Aguilar said in 2015. “The reason is simple: small and midsize businesses are not just targets of cybercrime; they are its principal target.” With that in mind, it’s essential that you do everything you can to protect yourself and your employees from cyberattacks. Here are two things you can do today to strengthen your network security and prevent a crisis. It can be overwhelming to set a firm budget for any aspect of your business, but this is especially true of IT because many business owners aren’t sure what type of security their company needs or how much it will cost. According to CIO magazine, you should spend around 4–6 percent of your annual revenue on cybersecurity. If your current cybersecurity budget falls under this range, it’s time to re-evaluate. Will your current IT system protect your business should a cybercriminal target it? If the tech you use every day gets hacked for hours or even days, will your company survive? Most companies simply cannot afford that much downtime — much less the loss of precious >Page 1 Page 2 Page 3 Page 4

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