Post by account_disabled on Mar 10, 2024 3:48:55 GMT
From the first series of large-scale data breaches 10 years ago to the global ransomware attacks we've witnessed more recently, cyberattacks have evolved dramatically.
Our increased dependence on technology to conduct our business has brought about a new form of crime, cybercrime, and these types of attacks are occurring more frequently than ever, representing a growing threat to businesses. of all types and sizes.
While the cyberattacks that make the headlines often involve a breach or disruption of a large or well-known company, the reality is that small and medium-sized organizations are just as likely to fall victim to cybercrime.
In fact, 66% of small businesses have been victims of cybercrime .
To make matters worse, not only are SMBs generally less prepared to deal with the immediate consequences of a cyberattack should they experience one, but they also have fewer resources to prevent these incidents.
This makes SMEs “sweethearts” for cybercriminals.
The real effects of cyber attacks should not be underestimated:
They come loaded with a host of Ecuador Mobile Number List impacts ranging from loss or damage to data, system downtime – leading to significant financial losses – and damage to your image.
With an average estimated loss of up to $86,000, which in many cases could represent a large portion of a small business's assets, it is easy to see how one bad cyber incident could lead to complete devastation for SMBs.
So what can organizations with smaller balance sheets do to make themselves less attractive targets?
There are some simple and cost-effective steps businesses can take.
Teach your staff a procedure
First, staff training is imperative. According to IBM, 95 percent of successful cyber attacks and incidents are the result of human error.
This could include things like leaving a laptop on a train, an employee clicking on a malicious link, or making a bank transfer without proper checks.
Training staff on how to spot phishing emails or requiring employees to make a follow-up phone call in response to wire transfer requests are cheap and easy-to-implement preventative measures and are a great point. starting point to establish good security.
Have an incident response plan.
Second, if a disaster occurs, it is important for companies of all sizes to develop an incident response plan that outlines the roles and responsibilities of stakeholders within the company so that the incident can be handled quickly and effective.
This is even more important after the implementation of the GDPR, where companies can face considerable fines in case they fail to notify authorities and customers of significant data breaches within the established deadline.
Make sure you are covered
A good incident response will likely require the involvement of ICT experts, computer forensics specialists, public relations firms, lawyers and more.
While it is not practical for SMEs to have all of these capabilities in-house, one place to gain access to these resources is through a good cyber insurance policy, which can work perfectly as a contingency plan.
Research shows that the frequency and severity of cyber attacks on smaller businesses is increasing and is leaving these organizations open to a complex list of financial and image exposures.
SMEs must think carefully about their cyber defense strategy and avoid being vulnerable to these cyber incidents.