Why Cybersecurity is more important than ever in this pandemic

By Joe Chow, SVP & Director, Specialized Business Services, Bremer Bank
October 21, 2020

The pandemic has redefined how small businesses handle cybersecurity. As much of the U.S. labor force continues to work from home, this shift in behavior has exposed many small businesses to new challenges and security risks. In 2020, 80% of businesses have seen an increase in cyberattacks, and phishing attempts have risen 600% since the end of February. From email phishing scams, endpoint-security gaps, weakened Wi-Fi protocols, and password vulnerability, cybercriminals have multiple means to access sensitive business data.

Small businesses are especially vulnerable to cyberattacks because they lack the expertise, resources and financial backing to fully recover from a ransomware or phishing attack. Businesses that fall victim to cyberattacks often suffer critical data loss that can severely disrupt normal business operations and erode trust among their consumers, causing damage to the reputation and financial health of the business. In a survey by BullGuard, half of small businesses who reported being victims of cyberattacks took more than 24 hours to recover from a data breach or cyberattack, and almost 40% of these small businesses reported losing crucial data in the attack. Almost 75% of small businesses who were affected by ransomware attacks had to pay a ransom to recover their data, according to a recent Infrascale survey.

To protect your business data from increasingly sophisticated cyberattacks, having a cybersecurity strategy that includes financial and security partners is extremely important to manage risk. When small businesses understand the cyberthreats and resources available to them, they are better equipped to mitigate cybersecurity risks. This is the goal of this year’s Cybersecurity for Small Business Seminar.

Bringing together leading experts from the government, financial and cybersecurity sector, the seminar will provide small businesses with tools and knowledge to hone their cybersecurity plan. Attendees of this summit will:

• Learn about a range of tools and free resources to protect their businesses
• Learn a cost-effective model to safeguard small businesses from cyberattacks
• Increase their knowledge of cybersecurity threats and cost-effective risk management practices to design a pragmatic cyber strategy
• Receive guidance on remote workforce and identifying ransomware, including resources to mitigate risks of cyberattacks
• Learn different actionable steps and types of third-party support to better protect businesses against cyberattacks

Speakers include leaders from Bremer Bank, U.S. Small Business Administration, MN Small Business Development Center, CyberNines, Department of Homeland Security, and Shuriken Cyber.

Join us for a half-day event on Tues, October 27 as industry experts share knowledge, resources and strategies to help small businesses owners protect their assets.