SOURCE: Keeper Security

Keeper Security

June 30, 2016 05:00 ET

Keeper and Ponemon Institute Study Finds More Than 50% of SMBs Breached in Past Year

Strong Passwords and Biometrics Deemed Essential to Thwart Cyber Attacks

CHICAGO, IL--(Marketwired - June 30, 2016) - Keeper Security, Inc., the world's leading password manager and secure digital vault, today announced the results of a North American study analyzing the state of cybersecurity in small and medium-sized businesses (SMBs). Sponsored by Keeper Security and conducted by the Ponemon Institute, the study found that more than 50% of SMBs have been breached in the last 12 months.

No business is too small to evade a cyber attack or data breach and businesses across all industries are impacted by this threat. Only 14% of the companies surveyed rated their ability to mitigate cyber attacks as highly effective. Confidence in SMB cybersecurity posture is so low primarily because personnel, budget and technologies aren't sufficient. Additionally, IT security priority determination is not centralized to one specific function in a company, therefore reducing accountability and resulting in less informed decision making.

The most prevalent attacks against smaller businesses are web-based and involve phishing and social engineering breaches. Widely adopted technologies such as anti-virus are still useful, but they can not be depended on to protect against exploits and cyber attacks. Three out of four SMBs reported that exploits have evaded their anti-virus solutions.

The study found that SMBs have a major lack of control and visibility when it comes to employee password security. Strong passwords and biometrics are believed to be an essential part of a security defense, yet 59% of respondents say they have no visibility into employees' password practices and hygiene and 65% do not strictly enforce their documented password policies.

"SMBs were being highly targeted by hackers and the rate at which breaches are occurring is alarming. Cyber attack prevention is now everyone's responsibility," said Darren Guccione, CEO and Co-Founder of Keeper Security. "As both frequency and size of data breaches increases, SMBs must face the reality that a material adverse financial impact on their business is a real possibility. An SMB does not require a signficant IT budget to protect their business. Training employees and utilizing essential security technologies such as password management, firewalls and anti-malware are straightforward, yet extremely effective ways for SMBs to mitigate cyber risk."

"We've conducted many surveys on enterprise cybersecurity in the past but this unique report on SMBs sheds light on the specific challenges this group faces," said Dr. Larry Ponemon, Chairman and Founder of the Ponemon Institute. "Considering the size of the SMB market in the United States alone, this information can be useful to diminish the risk of breach to millions of businesses."

The study can be accessed at the following link: https://signup.keepersecurity.com/state-of-smb-cybersecurity-report/.

About Keeper Security

Keeper Security is transforming the way businesses and individuals protect their passwords and sensitive digital assets to significantly reduce cyber theft. As the leading password manager and digital vault, Keeper helps millions of people and thousands of businesses substantially mitigate the risk of a data breach. Keeper is SOC 2 Certified and utilizes best-in-class encryption to safeguard its customers. Keeper protects industry-leading companies including Chase, Sony, Siemens, Chipotle, Philips and The University of Alabama at Birmingham. Keeper partners with global OEMs and mobile operators to preload Keeper on smartphones and tablets. Learn more at https://keepersecurity.com.

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