House Committee on Small Business holds cybersecurity hearing

House Committee on Small Business holds cybersecurity hearing

Cybercrime continues to harm American businesses, causing financial loss and brand value damage, and companies may require additional support besides virus protection and industry compliance regulations.

The U.S. House Committee on Small Business recently held a hearing to address concerns regarding cybercrime and how it affects businesses. In her opening statement, Renee Ellmers, chairwoman of the Subcommittee on Healthcare and Technology, said several security solutions are under consideration.

"Both the administration and Congress have recognized the need to update certain laws and Odd spacing resources to better combat cyberthreats," Ellmers said. "The broad range of issues being considered includes establishing a national standard for reporting a cyber breach, strengthening criminal statutes and requiring some private industries to develop cybersecurity plans."

Citing a Federal Communications Commission report states found 97 percent of small businesses use the internet to increase success, Ellmers said cybersecurity is a major threat to the nation's economy, and public and private sectors must work together in helping combat cybercrime.

According to a recent National Cyber Security Alliance report, 77 percent of small businesses don't have a formal internet security police for employees, and most organizations don't provide online security training for new staff members.