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Small Business Information Sharing: Combating Foreign Cyber Threats (in English)
Committee On Small Business United States House Of Representatives
Synopsis "Small Business Information Sharing: Combating Foreign Cyber Threats (in English)"
In today's global economy, small businesses are increasingly turning to foreign technology to remain competitive in the world marketplace. However, these same products and services also provide new opportunities for foreign cyber criminals to infiltrate small business information technology systems, allowing them to access sensitive and valuable information. A recent survey found that 81 percent of small businesses are concerned about a cyber attack, but only 63 percent have the most basic cybersecurity measures in place to combat such an attack. Cyber attacks pose a higher risk for small businesses, since most do not have the means to hire specialized employees or pay the average $32,000 in damages should they be hit with a cyber attack. And, cyber threats for small businesses are on the rise. However, small businesses are still hesitant to engage with the federal government. This is often due to uncertainty surrounding legal liabilities, concerns about privacy and data protection, and a number of other factors. Still, federal information sharing is crucial to ensuring that small businesses have every resource possible to combat cyber threats and the confidence they need to engage with the federal agencies tasked with protecting them. Many cyber threats towards small businesses come at the hands of foreign bad actors, sometimes foreign governments, in an attempt to undermine the United States' national security and economy. In fact, the Department of Homeland Security recently published a public notice exposing a vulnerability in a notable security camera company. Hikvision, one of the top five largest manufacturers of security cameras worldwide, is 42 percent owned by the Chinese government, and in 2017, the Department of Homeland Security learned that many of its cameras were able to be hacked and remotely controlled.
