A recent report by Verizon has highlighted a concerning trend in the business world - the increasing number of cyberattacks targeting businesses, including small businesses. These attacks can have severe consequences, both financially and operationally, if business owners are not adequately prepared to handle them.
According to the 2023 Data Breach Investigations Report, the median cost per ransomware attack has more than doubled in the past two years, now standing at $26,000. Ransomware attacks, a type of malicious software that blocks access to computer systems until a ransom is paid, account for 24% of all breaches.
One key finding from the report is that human error is responsible for 74% of breaches. To mitigate this risk, small businesses are advised to implement preventive measures such as two-factor identification and regular password changes for employees to enhance cybersecurity defenses.
In the event of a cyber breach, businesses are urged to seek assistance from cybersecurity experts within their organization or trusted third-party professionals to assess the situation and minimize the damage. Attempting to handle a breach without the necessary technical expertise can exacerbate the problem.
Furthermore, it is crucial for businesses to report any cyberattacks to the relevant authorities promptly. Federal regulations require attacks to be reported within 72 hours of detection to ensure appropriate action is taken.
As cyber threats continue to evolve and become more sophisticated, businesses, especially small enterprises, must prioritize cybersecurity measures to safeguard their operations and data from potential breaches.
