Wyoming Biz Tips for October

An occasional look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Paul Johnson, cybersecurity program manager, Wyoming SBDC Network

The bad news: A cyberattack could not only slow down your small business; it could ruin it. Over 90 percent of small businesses were targeted by cybercriminals in 2024. Some businesses survive, but 60 percent of small businesses that experienced a cyberattack closed within six months. The good news: Simple preparations can make your business a less vulnerable target for cybercriminals.

The reasons that a cyberattack can kill your business are both financial and reputational. A data breach can cost tens or hundreds of thousands of dollars in recovery costs and close your doors while you solve the issues. Once you or your customers' records have been hacked and exposed, your reputation may never recover.

Cybersecurity insurance may help you recover financially from a cyberattack, but your company's credibility and trustworthiness may not be repaired. Your best defense against cyberattacks is knowledge and preparedness.

The Wyoming SBDC Network's Cybersecurity for Small Business Program can help your business put simple measures in place to make you less attractive to hackers and a difficult target to attack. The program provides no-cost, comprehensive advising in a variety of areas to help your business build a cyber readiness shield for your business:

-- Complete cybersecurity situation assessment.

-- Hardware/software inventory.

-- System configuration review and suggestions.

-- Employing training and ongoing maintenance strategy.

-- Incident response plan creation.

-- Administrative and personnel policy creation/review.

The program, funded fully by the U.S. Small Business Administration (SBA) and staffed by highly trained cybersecurity business advisers, requires some of your valuable time -- but none of your money. Throughout a series of meetings and independent work, small businesses will put a complete cyber readiness plan in place as quickly as they would like to move through the program. Some clients work with us for months; others move through in a few weeks.

Over the last two years, our Cybersecurity Program for Small Business has assisted over 80 Wyoming small businesses with various cybersecurity issues, and over 25 have completed our comprehensive advising program.

If you're interested in working through our complete program or need assistance with a specific cybersecurity issue, email Program Manager Paul Johnson at [email protected], or visit www.wyomingsbdc.org/cybersecurity-program. We've assisted companies with Facebook hijacking, phishing attacks and staff cyber readiness training. We've also provided advising and assistance to companies that need to be cyber compliant to apply for government contracting.

The most basic cyber readiness practices do not require a great deal of technological expertise and can make your company much less of a target for cybercriminals. The best way to protect your business is to be prepared.

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2024, the Wyoming SBDC Network helped Wyoming entrepreneurs start 46 new businesses; support 1,870 jobs; and bring a capital impact of $2.9 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S SBA.

To ask a question, call 1-800-348-5194, email [email protected] or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.

For more information, go here.

All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.