Cyberattacks are not going anywhere soon. The risk of a data breach has been steadily increasing for businesses over the past decade. In fact, in Q3 of 2021, there were more data breaches caused by cyber attacks than there were total breaches in 2020.
These dynamic and new threats are coming up constantly. According to the 2021 Business Aftermath Findings:
* 58% of small businesses have been impacted by at least one data breach or one security breach.
* 45% of small businesses spend between $250,000 and $500,000 to cover the cost of a breach.
* 15% had to reduce their headcount to cut expenses following the breach.
Moreover, around 85% of data breaches are caused by human error. And while cyber breaches significantly affect large enterprises, small businesses aren’t immune either.
In this episode, I’m discussing some recent data breaches and some important lessons and takeaways for U.S. businesses.
In this episode, you will hear:
- The Accellion breach
- Practicing ongoing evaluations of third-party providers
- Using contracts to protect your company
- Embedding requirements and routine audits in your contracts
- The Colonial Pipeline attack
- The importance of network segregation and segmentation
- The Facebook and LinkedIn data scraping incidents
- Reducing the risk of a breach resulting from human error
- The benefits of a data minimization policy
Subscribe and Review
Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. Each week, we share authentic discussions with business leaders where they flesh out substantive issues while also getting deeper into their stories. We’ll dive into conversations on the fusion of business and humanity, success and authenticity, and the challenges of balancing life and work, in addition to regularly sharing legal updates and substantive content.
We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Supporting Resources:
2021 Business Aftermath Findings
Episode Credits
Script drafted with help from Obiter Marketing
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com.
Disclaimer
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this website or any of the e-mail links contained within the site do not create an attorney-client relationship between CGL and the user or browser. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
