Rising Cyberattacks on Small Businesses: Are You Prepared for the Growing Threat?

In recent years, cyberattacks on businesses, including small enterprises, have been increasing at an alarming rate. The consequences of such breaches are not only time-consuming but also have significant financial implications.

Escalating Cost of Ransomware Attacks

According to the latest data from the 2023 Data Breach Investigations Report by Verizon, the median cost per ransomware attack has more than doubled in the last two years, reaching a staggering $26,000. This surge in costs is attributed to the dramatic increase in ransomware attacks, which now account for 24% of all breaches.

Preventative Measures for Small Businesses

Small businesses are particularly vulnerable and should prioritize having a comprehensive plan to prevent cyberattacks. Given that 74% of breaches are caused by the human element, business owners must ensure that all employees adhere to security measures, such as two-factor identification, to mitigate the risk of being hacked. Additionally, mandating regular password changes for employees can bolster the defenses against potential breaches.

Responding to a Breach

Should a business fall victim to a cyberattack, it is imperative to engage with a cybersecurity professional within the company or a trusted third party to assess the extent of the breach and the resultant damage. Attempting to manage the situation without the necessary technical expertise can exacerbate the consequences.

Legal Obligations

Furthermore, it is crucial for businesses to promptly report any cyberattacks to the relevant authorities. According to regulations, breaches must be reported to federal agencies within 72 hours once a company reasonably suspects that an attack has occurred.