Cybercrime has surged, with the FBI receiving over 800,000 complaints that resulted in $12.5 billion in losses, including more than $1 billion in Texas alone, according to a report by MRT.
Speaking at the annual Cybersecurity Forum hosted by Community National Bank and the Midland Chamber of Commerce, Morgan Wright, a senior fellow at the Center for Digital Government, warned small businesses that they are not immune to cyber threats. With more than 33,000 small businesses accounting for 70% of U.S. businesses, nearly half now face cyberattacks, a sharp increase from just one in five a few years ago. Wright estimated that half of those attacked will not survive, as the financial burden of legal fees, insurance, and technical assistance can reach $500,000. He pointed to breaches at Facebook and Google, highlighting that even large corporations remain vulnerable. Wright urged businesses to strengthen cybersecurity by enforcing strong passwords, encrypting data, using multi-factor authentication, and training employees. He emphasized that the best defense remains vigilance, stating, Gray matter is the key to cybersecurity.
