Technology companies come and go, but Bit by Bit backs its service with 30 years of experience helping businesses achieve their goals with reliable IT solutions and support.
We were established in 1987 as a database application development and networking company, and since then we’ve evolved into a full-service IT firm and leader in delivering powerful and cost-effective technology solutions. visit our site at www.bitxbit.com
Friday, October 4, 2019
Data Breaches Put Small Businesses at Risk
Data loss events are a huge risk for any company, but the aftermath of a data breach can be especially problematic for SMBs, a recent study by Bank of America Merchant Services concluded.
The survey, which included 522 small businesses and 409 consumers in the US, questioned consumers and small businesses about the cybersecurity risks underscoring today’s digital environment. In response, one in five SMBs reported a data breach in the past two years, a 17% increase in two years. Moreover, 41% of small businesses endured a data breach that cost the company more than $50,000.
This financial component is especially troubling for SMBs, which don’t have extravagant resources that large corporations can use to hasten their recovery efforts. Making matters worse, 30% of consumers indicated that they would never return to a small business that endured a data breach, a 20% increase year-over-year.
These trends are taking place as SMBs are increasingly moving online. 51% of SMBs run their own websites, and 70% have some form of e-commerce component to their business.