The Better Business Bureau is advising small business owners to consider using the Gordon-Loeb Model to mitigate cyberattacks.
The prescription is part of the bureau announcing its State of Small Business Cybersecurity in North America report, which notes "half of small businesses reported they could remain profitable for only one month if they lost essential data."
Accounting and Information Assurance professors Martin Loeb and Lawrence A. Gordon at the University of Maryland’s Robert H. Smith School of Business developed the model, which guides spending to protect information to not exceed 37 percent of the expected loss resulting from a breach.
According to the bureau, its report “emphasizes the need not only for education and training, but for cost-benefit analysis of cybersecurity measures.” The bureau further advises small business owners to use the Gordon-Loeb Model to “estimate their risk from cybersecurity attacks and calculate an appropriate investment in prevention.”
Related video: The Gordon-Loeb Model via whiteboard animation.
Media Contact
Greg Muraski
Media Relations Manager
301-405-5283
301-892-0973 Mobile
gmuraski@umd.edu
About the University of Maryland's Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in business education and cutting-edge research. The school’s world-class faculty facilitate experiential learning opportunities rooted in the real world. Smith students learn to think like entrepreneurs, prepared to drive positive impact. The school offers undergraduate, online and on-campus business master's, full-time, part-time, online and executive MBA, plus PhD and DBA degree programs, and non-degree and executive education programs. Where Smith leads, the future follows.