By Arturo Perez-Reyes of HUB International

Small businesses are the engines of ingenuity bringing vital goods and services to our community on a daily basis. The local support it takes to get a small business up and running matters and so does the trust it takes to build and maintain local customers. Small business owners hold a hefty responsibility to be a positive part of the community. What may lack though is the awareness and commitment to protect customer and employee data from being stolen or exposed.

In an age where nearly all business transactions are electronic, the dedication it takes to protect that information from cyber thieves is critical to business longevity. The idea that small businesses are not targets for a cyber attack or that employees know how to avoid exposing confidential information is simply incorrect.

Don’t take the risk of losing you what you’ve worked hard to grow. Micro, nano and small businesses accounted 85 percent of all 2014 data breach claims. Here are some facts to help you understand the costly consequences of not putting into place protections against a data breach.

Infographic courtesy of HUB International.

Infographic courtesy of HUB International.

 

Arturo Perez-Reyes, Vice President at Chicago’s HUB International, has worked for 14 years as a risk consultant and broker to help companies identify, quantify, and insure liability and property risks from technology, services, value chains, intellectual property, privacy, security, and compliance. A member of the professional faculty at the Haas School of Business, UC Berkeley, he has lectured for 25 years on e-commerce, communication, insurance, sales, and green business. He has also taught at the Graduate School of Business at the University of Chicago and held academic-leadership roles and led taskforces on e-commerce, cloud storage, and network-security.

The views, opinions and positions expressed within this guest post are those of the authors alone and do not represent those of CBS Small Business Pulse or the CBS Corporation. The accuracy, completeness and validity of any statements made within this article are verified solely by the authors.

 

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