August 10, 2018
Today, most companies rely on technology in order to conduct business. In fact, companies of all sizes are able to compete thanks to technology, and small businesses in particular have been able to grow and thrive online as a result.
Technology has also allowed cyber thieves to cripple operations. By 2021, . In fact, cyber liability costs are rising across the board – the average cost of cyber breach rose from $3.62 million to $3.86 million, a 6.4 percent increase over 2017; average lost-record costs rose to $148 per (from $141) and
It is not just the large corporations that have experienced headline-making breaches that are at risk. While much of the focus has been on high-profile attacks of large corporations, small businesses are fast becoming the primary target for cyber thieves. .
One reason for it is this: and .
It is that lack of adequate security – and of concern – that is making small businesses more vulnerable than they need to be. It is also the reason why cyber thieves target them. Looking for a better chance at an easy payout, thieves have cost an average $148,000 to $177,000 per occurrence for small businesses. That kind of cost can be – and is – devastating to small businesses. .
Studies show that 60 percent of small businesses fail within six months of a cyberattack.
There are other reasons why cyber thieves find smaller entities appealing. Small businesses are:
- More willing to pay ransoms
- More inclined to have minimal (if any) cyber security measures
- More likely to not have an active cyber response plan
Cyber thieves also know that some small businesses act as conduits into other businesses, as was the case for Target Corporation, whose outside vendors inadvertently allowed hackers into the corporation’s systems. A breach of your company’s systems could leave you liable for the breaches of your business partners’ systems.
For more guidance to boost your cyber security efforts, check out our
