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Couple of him from talking about tech giant like apple to focusing now on main street we're gonna take a look at the cyber threat as it pertains to small business and this is.
Pretty scary and a lot of ways -- a hearing about it on Capitol Hill yesterday detailing just how dire.
The situation is -- -- these attacks can be catastrophic.
Leaving many small businesses unable to recover.
A recent report shows that nearly 60% of small businesses will close within six months of a cyber attack.
-- -- -- From Buffalo, New York is the chairman of that hearing -- heard from the member of the house committee on small business congressman Chris Collins congressman thank you for coming on and that is quite -- -- statistic I'll repeat it.
Just so people.
You can get in their heads it's 60%.
Of small business -- this study will close within six months of the cyber attack -- just puts them out completely six out of ten what do we do about it.
-- kind of what it comes down to is we're trying to raise the issue -- cyber security for small business.
So that they know there's a problem so many small businesses today.
Feel like -- it's almost 87%.
Don't think that there's a threat to them but then when you ask them if they've got a security policy they don't.
So it starts with the board of directors and -- CEO establishing a security policy.
For cyber security.
Making sure as we just heard Apple's talking about you have strong passwords.
It's not the name of your our college -- it's not the name of your dog and it's not repeating -- username in making it your password as well.
So so many people are naive -- thinking it won't happen to me.
Well when it does happen as we pointed out yesterday the results can be catastrophic.
AEI's cyber attack.
Accessing your bank accounts rerouting your phone numbers to where.
When the bank calls to verify the transfer.
It's been re directed to the criminal.
And they're giving it the ALK the next thing you know.
Tens of thousands hundreds of thousands of dollars are leaving your bank account.
And you don't even know what's happening.
Now what have you found from looking into this because you say.
That this is whole a philosophy out there -- can't happen to me is there anything to that because just thinking about it logically you might say.
Well I thought how.
Packer we've gotten -- attack the biggest business I can.
And get the you know the biggest bank for my buck so to speak is that normally what the hackers are doing or are they going after the small businesses now as well what he's saying.
Well now that's the thing 20% of all attacks today -- on small businesses with fewer than 250.
Those are the companies that think it won't happen to me.
Well it is happening and the results can be catastrophic it can be the theft of intellectual property.
Plan your customer list.
All of the information on your employees -- Social Security numbers.
And what we're seeing is they're they're accessing a list of passwords and user names and they know a lot of Americans use that same password and -- again and again.
And then they're accessing thousands tens of thousands of sites and they're getting hits where all of a sudden the same username and password.
Is working in multiple sites and they're accessing your data and you've got a real problem.
As a final -- congressman tell me then specifically what if anything we should do about it in terms of government involvement we've had this conversation.
And of the country over the last couple of weeks about what type of world government should take when we have small business owners and CEOs on to talk about other issues -- -- health -- something else they say.
Boy we have a lot to deal with already we don't want more.
Regulation we don't want our costs to go up.
So what's the role of government and what's the proper kind of line to draw on the sand on that.
-- you've made a good point in our position now is on the small business committee shining a spotlight on cyber security.
In the need for small business to be more diligent than they are and understand they are under attack.
But we're also going to be very cautious in making sure we don't have regulations.
On the recording of an attack and the things that might.
Not be something as small business can do in the cost to have that capability.
Would be quite onerous so it's that fine line between not having regulations that would add cost to small business.
But making sure small business knows they just can't sit idly by.
Understand they have attack and attack when it's too late are you gotta have policies in place they've got to educate their workforce.
Password security and encrypt their data good stuff out of congressman Chris Collins on a very important issue joining us out of buffalo today walked on out in the next hour --
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