Breaches in Small to Mid-Size Businesses

It’s not just the big banks and multinational corporations that are targets for cyber crime, even if their breaches tend to get the biggest headlines.

• According to the Ponemon 2018 Report on SMBs, the average cost of a breach for a small or mid-sized business is almost $3M including damage or theft of IT assets and disruption to normal business operations.
• The percentage of small businesses that have experienced a cyber attack in the past 12 months is up from 61% in 2017 to 67% in 2018. (Ponemon)
• According to Datto in 2018, on average, small businesses report 5+ attacks against clients per year but only 24% of those attacks are reported to authorities. The cost of downtime is 10x higher than the ransom requested per incident as well. Experts agree that the risk of small businesses suffering a ransomware attack will only increase in the near future as these targets adopt security solutions more slowly than large enterprises.

 

ALSO…

Employees will be a companies’ biggest threat.  Although businesses will increase focus on security protocols against external hackers this year, many companies will miss the mark on protecting against insider threat. Employees and negligence will continue to be the leading cause of security incidents in the next year.

(Experian, 2018)