9 Reasons Cybersecurity Should Be a Priority in Your Business Right Now

BY: JEFF WILLIAMS

As we discussed in last week’s blog, the coronavirus pandemic has immensely changed the way people work, with millions now working from home either temporarily or permanently. While this serves to prioritize worker safety, it can have a large negative impact on the company’s cyber safety.

In fact, recent data shows how the virus has created many new opportunities for cybercriminals to attack. With countless workers now using personal laptops and home internet connections, rather than dedicated servers and equipment with stronger cybersecurity, hackers are provided an easy access point into confidential company data. Due to this heightened and evolving risk, it is now more critical than ever for companies to focus on establishing robust cybersecurity practices if they hope to keep their businesses safe in this new threat landscape.

To understand the scope and severity of the risks posed by cyber-attacks, read on for key statistics about cyber hacks in recent months:

• Ransomware attacks increased 148% from February to March
• At the end of March 2020, the number of cyber-attacks related to the COVID-19 pandemic grew from 100 daily to more than 5,000
• 25% of employees working from home do not know what security protocols are in place on their devices
• 20% said their IT team did not provide any additional security tips as they shifted to working from home
• 50% of companies reported allowing employees to use personal email addresses and personal devices to conduct company work
• 51% of global companies experienced more phishing attacks due to employees working remotely
• Following the increased use of unprotected mobile devices, mobile phishing has increased by 37.1%
• Only 41% of cyber professionals said their companies are utilizing best practices to ensure a secure remote workforce
• The average cost of a data breach in the manufacturing industry was $5.2 million in 2019

Despite the clear threat presented, 40% of businesses have cut cyber budgets as a cost-saving measure to help respond to the crisis. While budgetary constraints are understandable in the current post-crisis environment, improving cybersecurity posture and reducing risk does not have to be a costly expense. As the work environment continues to transform and evolve to include more remote work, a business’s cyber practices also must evolve to keep up with the ever-changing threats posed.

Learn how The Center’s cyber experts can assist with your company’s cybersecurity efforts by contacting inquiry@the-center.org or clicking here.


MEET OUR EXPERT

Jeff Williams, Program Manager, Cybersecurity
Jeff Williams leads The Center's efforts to educate and equip small and medium-sized manufacturers to guard against the growing threat of cyber-attacks. One of his main areas of focus relates to the cybersecurity requirements outlined in NIST Special Publication 800-171, designed to protect the information security systems of contractors working with the Department of Defense. In addition to serving Michigan’s manufacturing community, Jeff also is involved with training other Manufacturing Extension Partnership (MEP) centers across the U.S. This effort will enable those centers to provide cybersecurity services to manufacturers in their states.

Since 1991, the Michigan Manufacturing Technology Center has assisted Michigan’s small and medium-sized businesses to successfully compete and grow. Through personalized services designed to meet the needs of clients, we develop more effective business leaders, drive product and process innovation, promote company-wide operational excellence and foster creative strategies for business growth and greater profitability. Find us at www.the-center.org.