Cyberattacks are not going anywhere soon. The risk of a data breach has been steadily increasing for businesses over the past decade. In fact, in Q3 of 2021, there were more data breaches caused by cyber attacks than there were total breaches in 2020.

These dynamic and new threats are coming up constantly. According to the 2021 Business Aftermath Findings:

*  58% of small businesses have been impacted by at least one data breach or one security breach. 

*  45% of small businesses spend between $250,000 and $500,000 to cover the cost of a breach.

*  15% had to reduce their headcount to cut expenses following the breach.

Moreover, around 85% of data breaches are caused by human error. And while cyber breaches significantly affect large enterprises, small businesses aren’t immune either.

In this episode, I'm discussing some recent data breaches and some important lessons and takeaways for U.S. businesses. 

In this episode, you will hear:

• The Accellion breach
• Practicing ongoing evaluations of third-party providers
• Using contracts to protect your company
• Embedding requirements and routine audits in your contracts
• The Colonial Pipeline attack
• The importance of network segregation and segmentation
• The Facebook and LinkedIn data scraping incidents
• Reducing the risk of a breach resulting from human error
• The benefits of a data minimization policy

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Supporting Resources:

https://cgl-llp.com/

2021 Business Aftermath Findings

https://www.idtheftcenter.org/wp-content/uploads/2021/10/ITRC-Business-Aftermath-2021-Report-Final-102621.pdf

Episode Credits

Script drafted with help from Obiter Marketing

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com.