Chip Defaults: Why it MattersAugust 22, 2019
While cyber attacks on big businesses typically make the headlines (e.g., Capital One) and test customer trust, these don’t cease operations. For small businesses, the likelihood of cyber attacks is high if not higher than big businesses, but your chances of making a full recovery are much slimmer. Just consider these facts:
- 60 percent of small and mid-sized businesses that are hacked fold within six months
- 47 percent of small businesses had at least one cyber attack in 2018, and 44 percent of those businesses had two to four attacks
- 43 percent of cyber attack victims are small businesses (fewer than 250 employees)
- Small businesses estimated their average cost for cyber attacks in 2018 to be $34,604
- Businesses fall for ransomware attacks every 14 seconds
That is why it is important to keep your hardware and software up-to-date.
But even by keeping your systems up-to-date to mitigate these security exploits, these patches can significantly undermine computer performance – some reports indicate from five to 40 percent.
Businesses have reported increased expenses due to the need to purchase additional server capability and higher energy consumption, or from price increases passed down by cloud computing or virtual machine providers that have also needed to mitigate the exploits.
Businesses should not have to trade performance for security. However, the only true fix to repair the security flaws would be to exchange each defective chip for a new device that is not subject to vulnerabilities and compromises in performance – a very costly endeavor.
It is important to consult with your IT departments to understand what generation of processors you are currently using, if any software updates have been implemented to address these security vulnerabilities, performance impacts, and what other options you may have. But above all, businesses should evaluate the sensitivity of their data and implement security protocols that best protect this information.