In 2018, the total spending for cybersecurity reached almost $4 billion. Every kind of business whether they are small or large, no matter what kind of industry they’re in, is spending big. It seems like the mantra and global advice from experts is to spend on defence rather than trying to rely on luck that you won’t need to. In fact in many circles, some people have admitted that nowadays it's not even a case of if you get hacked but when. That is a totally defeatist mentality and it should not be allowed to spread. Many small businesses will actually die because of a malware or cyber hacker incident. When you consider that cybercrime damage will almost amounted to around $6 trillion by 2021, you begin to see that actually, businesses are not spending anywhere near enough. Either you spend money now, or you pay later.
Big business is not safe
If you thought small business was under attack all the time, you should try running a large corporation like yahoo. In just 2013, around 3 billion Yahoo accounts were breached. Every single account that has ever been made was hacked simultaneously and dates of birth, names, age, country, location, work life, interests and previous posts were all stolen or made access to. One of the most common way hackers do something like this is to perform a DDos attack. This is essentially done by creating dummy unique visitor IPs and launching them all at once at the website server. This overloads the server and renders it in a basic state. Think of it as suffering from heat stroke. The server just becomes defenseless and the hackers will penetrate the walls and steal any kind of data they want.
Time to engage
If you’re a small business and you don’t know where to even begin, it's time for you to engage. Just like you watch experts in your industry give speeches and just like you attend business and or industry events in person, you need to check out cyber security summits and events. One of the more important summits was in 2016 where Ardi Kolah was speaking. He was part of a slew of experts in the field that were making presentations of cold hard facts and speeches about their in depth knowledge on the subject. If you have a saturday free, sit down and watch the speeches from start to finish and ask yourself the questions they pose. One of the things you can take away from the summit is that, most businesses whether large or small admit that they need to increase their budget by up to 6% in order to deal with cybersecurity threats. Can you do this right now if you had to? Overall there are around 111 billion lines of code are written every single year, this is the scale of the challenge as any one of those could be fatal to your servers and data.
Cybersecurity is a top priority for big and small business. Cybercrime damages are amounting far larger than the overall spending on protection. Budget increases are where you need to start if a business is going to stand a chance.
Walter G. is a software engineer, startup co-founder, former CTO of several tech companies and currently teaches programming for a coding bootcamp. He has been blogging for the past 5 years and is an avid BMX rider, bio-hacker
and performance enthusiast.
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