Small Business, Big Target: The Growing Menace of Cyber Attacks
The cyber threat landscape is intensifying, especially for small businesses. The financial implications are severe, and global concern is growing. Investing in cybersecurity is not just advisable; it's imperative.
Cyber Insurance reports are a great place to get real world data on cyber attack frequency and financial impact.
We read the latest Hiscox Cyber Readiness Report which had some interesting tidbits!
🌎 It Can Happen to You: Over half of all firms (53%) reported a cyber attack, up from 48% the previous year. 36% of firms with fewer than ten employees have been attacked, a significant rise over three years.
🏗 Small Business Targets: Cyber criminals are increasingly focusing on small businesses. Despite this, smaller firms have reduced their cyber defense spending.
🍎 Inexperience Costs More: 'Cyber novices' face attack costs that are 2.5 times higher in terms of revenue percentage.
💸 Financial Impact: The typical cost of a cyber attack is around $17,000. However, one in eight businesses faced devastating costs of over $250,000. And several over $10 million. Payment diversion fraud is particularly prevalent, affecting one in three attacked companies.
🗺 A Top Concern: Five out of eight countries now rank cyber attacks as their top business concern. Moreover, 20% of attacked firms felt their very solvency was threatened after an attack.
💵 Cybersecurity Spending Rising: Investment in cybersecurity is growing, with an average spend of $155,000, a 39% rise over three years. For the smallest firms, this amount has quadrupled (4x) in two years.
📧 Attack Methods via Email: Email hacks are hackers' favorite way in, followed by a cloud or corporate server.
If you're not doing these things (among others), they say this indicates an attack is likely.
- Conducting vulnerability assessments and penetration tests
- Testing software for vulnerabilities
- Enforcing multi-factor authentication (MFA)
The cyber threat landscape is intensifying, especially for small businesses. The financial implications are severe, and global concern is growing. Investing in cybersecurity is not just advisable; it's imperative.
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