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Economy, Optimism on the Up, But Cyberthreats Cause Concern

Economy, Optimism on the Up, But Cyberthreats Cause Concern

Small businesses are starting to feel better about the economy, but entrepreneurs now have other pressing concerns to face. For example, the increasing prevalence of cloud-based technology has contributed to a growth in cybersecurity risks. According to Forbes, distributed denial of service (DDoS) attacks, which target company networks and shut down operations either temporarily or permanently, have increased by an estimated 700 percent this year alone.

McAfee, a cybersecurity business, said in a recent report that cyber attacks could cost businesses a total of $140 billion each year. Another survey from Ponemon Institute found companies are reporting an increased amount of cyberattacks on a weekly basis. In fact, among the businesses surveyed in the organization’s “2012 Cost of Cyber Crime Study” in the U.S., 102 successful cyber attacks occurred on a weekly basis. In the previous year’s study, businesses reported a collective 72 successful attacks per week.

An improving economy highlights additional risks

As the U.S. economy continues to slowly pick up speed after a deep recession, many entrepreneurs are feeling more optimistic about their small business prospects. According to the most recent Small Business Index survey from Wells Fargo and the Gallup Organization, overall small business optimism climbed a total of nine points in July from this year’s second quarter to 25. In fact, the index has measured continued growth throughout the past year. The two organizations said the index is 36 points higher than the fourth quarter measurement in 2012. The current reading is the highest level of small business optimism since third quarter 2008. Because of this growth, many entrepreneurs may feel inspired to update their technologies and look for a cash advance for small business operations. While this is mostly good news, the rapidly changing business world presents new challenges and threats for companies that rely on the ability to safely store their valuable data and information. Cyber threats used to mostly affect large corporations. However, small businesses are becoming more prone to data breaches and other costly damages, according to Forbes.

Business owners struggling to find the resources necessary to pay for advanced virus protection software and other necessary cybersecurity tools can turn to National Funding for help. National Funding can secure entrepreneurs with equipment financing to revamp their digital infrastructure.

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