Business Security Risk

NY State Senate Bill S5578B (NYS Shield Act)

The SHIELD Act requires businesses in possession of New York residents' private information to "develop, implement, and maintain reasonable safeguards to protect the security, confidentiality and integrity of the private information, including but not limited to disposal of data. The bill imposes stronger obligations on businesses handling private data of customers, regarding security and proper notification of breaches. Civil penalties for breach notification law violations, $20 per instance of failed notification (capped at $250,000), and imposes new civil penalties (up to $5,000 per violation, with no cap).

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NY State Senate Bill S5642 (NYS PA)

NY State Senate Bill S5578B (NYS Shield Act)

The New York Privacy Act introduced in 2019 by State Senator Kevin Thomas and to be voted on in 2020, would give residents more control over their data than in any other state. It would also require businesses to put their customers' privacy before their own profits.

Note: NYS Senate Bill is pending vote in 2021

U.S. Small Business Administration

Small business financial solutions

Cyber attacks are a growing threat for small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cyber-crimes reached $2.7 billion in 2018 alone.

Small businesses are attractive targets because they have information that cyber criminals want, and they typically lack the security infrastructure of larg

Cyber attacks are a growing threat for small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cyber-crimes reached $2.7 billion in 2018 alone.

Small businesses are attractive targets because they have information that cyber criminals want, and they typically lack the security infrastructure of larger businesses. According to a recent SBA survey, 88% of small business owners felt their business was vulnerable to a cyber attack. Yet many businesses can’t afford professional IT solutions, have limited time to devote to cybersecurity, or they don’t know where to begin.

Common Threats from the internet

-Malware (malicious software) intentionally designed to cause damage to a computer

-Ransomware infects and restricts access to a computer until a ransom is paid

-Phishing cyber attack that uses email or a malicious website to infect your machine

-Virus programs intended to spread from computer to computer

Note: SBA Publication

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Small business financial solutions

-43% of cyber attacks target small businesses

-60% of small businesses that are victims of a cyber attack go out of business within six months

-Cybercrime costs small and medium businesses more than $2.2 million a year.

-There was a 424% increase in new small business cyber breaches last year

-66% of small businesses are concerned or extreme

-43% of cyber attacks target small businesses

-60% of small businesses that are victims of a cyber attack go out of business within six months

-Cybercrime costs small and medium businesses more than $2.2 million a year.

-There was a 424% increase in new small business cyber breaches last year

-66% of small businesses are concerned or extremely concerned about cyber security risk

-14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective

-47% of small businesses have no understanding of how to protect themselves against cyber attacks

-66% of small businesses are most concerned about compromising customer data

-3 out of 4 small businesses say they don’t have the personnel to address IT security

-22% of small businesses encrypt their databases

-54% of small businesses think they’re too small for a cyber attack

-25% of small businesses didn’t realize cyber attacks would cost them money

Note: Fundera Publication

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