The digital revolution is roaring at breakneck speed with technologies touching nearly every part of nearly every business. Software and systems are shaping not only the way we interact with others, but how we share, collaborate and explore innovation. With the increasing shift to cloud services, the digital threats organizations face grow more ominous, leading to the question — is technology moving more quickly than it can be protected?
In a recent study by the Ponemon Institute, the resounding answer was "YES." More than 60% of business leaders responded that despite technological advancements, their organizations remain unprepared for the cyber threats they face. The same survey revealed that just more than half (52%) of all small businesses have a clearly defined cybersecurity strategy, and 65% of small businesses reported that they failed to act following a cybersecurity incident. Less than a quarter (21%) of small businesses reported having a standalone cybersecurity insurance policy, compared to 58% of large companies. In an era in which a single cyberattack can create wide-ranging chaos, business uncertainty, and revenue losses in the millions, small businesses own the responsibility to protect their people and assets from the clear and present danger of cyberattacks, yet many remain at high risk.