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A good read from Bloomberg. Small business is the achilles heel of any strategic cybersecurity program, whether it is run in the US, Europe or Asia. This is not a negative comment it is a fact, the math says it all. Small business makes up the majority of companies in many economies. Over 99% of US businesses are in the small business segment employing over 59 million people, generating 44% of US GDP. Small businesses are integral to Global Supply Chains, they provide products and services without which Government agencies and larger companies cannot trade.
Small businesses are the least secure. Cyber is not yet treated as a value add capability and the cost of cybersecurity is to high for many small firms to bear. Albeit basic cyber hygiene is recognised as reducing the impact of cyber attacks; but there are not enough skilled resources or training programs to help small business comply.
Cyberattacks are increasing in complexity, frequency and impact. Where once cyber attacks were a 1:100 year extreme loss event, they are a routine occurrence in risk terms. Cyber is now an unexpected loss, moving towards and expected loss. The average costs of a cyber attack has doubled to $1.85 Million in the past year (2020 – 2021). A costs small business cannot afford and a cost the cyber-insurance market is finding hard to cover.
The burden of cyber-risk management regulation, oversight and assurance is disproportionate for small business. Requiring an appropriate solution as part of the Federal Government cyber tool kit. Tools which can be applied by companies of all shapes and sizes domestically and internationally (in the case of the DoD CMMC program).
The alternative maybe companies removing themselves from markets impacting innovation, as pointed out by Bloomberg ‘The program (sic CMMC) could cost small businesses alone $23.3 billion over its first 10 years.’
Ted Dziekanowski‚Â Jason Spezzano‚Â Brian McCarthy
#theaugustagroup‚Â #theaugustaplan‚Â #cybersecurity‚Â #supplychainriskmanagement‚Â #cyberriskmanagement‚Â #compliance‚Â #cyberinsurance‚Â #insurance‚Â #regulatorycompliance‚Â #regulatoryoversight‚Â #esgrisk‚Â #cyberregulation‚Â #esgreporting‚Â #soc2‚Â #defenceindustry‚Â #esg‚Â #defence
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