Intellectual Property Identified as the Most Important Asset to Small Business
CyberRx Third Annual Cybersecurity Readiness Survey Results
November 30, 2016 (Silver Spring, MD) – CyberRx released the results of the third annual Cybersecurity Readiness Survey. Respondents of the survey attended the 2016 CyberMaryland Conference, which was held October 20-21 at the Hilton Baltimore.
CyberRx conducts the Cybersecurity Readiness Survey every year to establish if small and medium-sized businesses (SMBs) consider cybersecurity a priority, and to measure awareness of the Framework for Improving Critical Infrastructure Cybersecurity, which was released in 2014 by the National Institute of Standards and Technology (NIST). Commonly called the NIST Cybersecurity Framework, it is a “prioritized, flexible, repeatable, and cost-effective approach” that helps business owners and operators manage cybersecurity-related risk, according to the NIST website.
Sixty percent of the respondents from SMBs, identified as 2,500 employees or fewer, believe their organization is likely or very likely to be compromised by a cyber-attack over the next two to three years.
Nearly 90% of the SMBs identified intellectual property (IP) as the most important informational asset that organizations safeguard or should safeguard. Personally identifiable information (PII) and financial transaction information were also deemed important but lagged far behind IP. “This is an interesting insight, since there is a general impression that SMBs are concerned primarily about cyber-attacks on credit cards and financial transactions,” said Ola Sage, Co-Founder and CEO of CyberRx. “However, SMBs represent more than 95 percent of the U.S. economy, so having IP identified as the most important asset to safeguard makes sense.”
Though the federal government has been implementing the NIST Cybersecurity Framework in many federal agencies and promoting it as a free and voluntary resource to the private sector for nearly three years, more than 85% of the SMBs were familiar but did not use or were not familiar with the Framework.
The good news is that 93% of the SMBs conduct cybersecurity awareness training, which is identified as one of the most effective means to prevent data breaches and cyber-attacks. One study conducted by the Ponemon Institute, showed a 50x return on investment on cybersecurity training. In 2014 and 2015, respondents said 23% and 25%, respectively, of their organizations never provided cybersecurity awareness training.
CyberRx provides pre- and post-breach cybersecurity solutions. Our online cyber readiness software platform helps businesses assess their cyber capabilities within the NIST Cybersecurity Framework and provides them with data to decide what tools and services are most critical as weighed against their risk profile and budget. Our distinctive cyber concierge service offers clients best-in-class technical and management recommendations and connects them with an array of qualified and vetted service providers, as appropriate, such as incident response support, computer forensics, legal and regulatory guidance, public relations and crisis management, and cyber insurance. CyberRx is vendor agnostic in recommending solutions.
CyberRx is an e-Management company, a 17-year recognized knowledge leader and provider of cybersecurity and enterprise risk solutions for clients in the public and private sectors. For more information about CyberRx, visit https://cyber-rx.com and follow the company on Twitter @AllAboutRisks.