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SBA hosting free virtual cybersecurity forum

Published September 22, 2022

WASHINGTON (BRAIN) — The U.S. Small Business Administration will host a free virtual forum for small businesses to improve their cybersecurity infrastructure.

The National Cyber Summit will be Oct. 26 from noon to 5 p.m. EDT and will offer tools, tips, and resources. There will be various speakers from agencies, including the Cybersecurity and Infrastructure Security Agency, FBI, business chambers, state government partners, experts from the public/private sectors, major technology platforms, and business coaches.

Composed of compact segments, attendees will have the opportunity to network and access practical tips, problem-solving strategies, industry trends, threat avoidance, and small business testimonials in order to learn how to help small business owners defend themselves against cyberattacks.

Cyberattacks are a growing threat to small businesses and the U.S. economy. According to the FBI's Internet Crime Report, the cost of cybercrimes against the small business community reached $2.4 billion in 2021. Cyber experts say small businesses are attractive targets because they typically lack the security infrastructure of larger businesses.

Bike industry cyberattacks have been reported by Raymond Lanctôt LTD and its NRG Enterprises division, JBI, Garmin, and KHS Bicycles. Each had their operations shut down because of system attacks, but each shut down their systems before customer data was accessed. Garmin declined to comment, but Sky News reported that the company paid "millions of dollars" to hackers.

In December 2019, Canyon Bicycles was hit by a cyberattack. While the company was locked out of its IT systems at its Germany headquarters, its e-commerce website and U.S office's IT system was not affected.

According to a SBA survey, 88% of small business owners felt their business was vulnerable to a cyberattack. But many businesses can't afford professional IT solutions, have limited time to devote to cybersecurity, or do not know where to begin.

The federal budget for the Cybersecurity for Small Business Pilot Program for 2021-2022 is $3 million. SBA awarded three awards, with no single one exceeding $1 million. The period of performance for this award is one-year (12 months).

To register, go to SBACyberSummit.

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