Small Business, Big Target: The Growing Menace of Cyber Attacks

Noah -

Cyber Insurance reports are a great place to get real world data on cyber attack frequency and financial impact.

We read the latest Hiscox Cyber Readiness Report which had some interesting tidbits!

🌎 It Can Happen to You: Over half of all firms (53%) reported a cyber attack, up from 48% the previous year. 36% of firms with fewer than ten employees have been attacked, a significant rise over three years.

🏗 Small Business Targets: Cyber criminals are increasingly focusing on small businesses. Despite this, smaller firms have reduced their cyber defense spending.

🍎 Inexperience Costs More: 'Cyber novices' face attack costs that are 2.5 times higher in terms of revenue percentage.

💸 Financial Impact: The typical cost of a cyber attack is around $17,000. However, one in eight businesses faced devastating costs of over $250,000. And several over $10 million. Payment diversion fraud is particularly prevalent, affecting one in three attacked companies.

🗺 A Top Concern: Five out of eight countries now rank cyber attacks as their top business concern. Moreover, 20% of attacked firms felt their very solvency was threatened after an attack.

💵 Cybersecurity Spending Rising: Investment in cybersecurity is growing, with an average spend of $155,000, a 39% rise over three years. For the smallest firms, this amount has quadrupled (4x) in two years.

📧 Attack Methods via Email: Email hacks are hackers' favorite way in, followed by a cloud or corporate server.

If you're not doing these things (among others), they say this indicates an attack is likely.

  • Conducting vulnerability assessments and penetration tests
  • Testing software for vulnerabilities
  • Enforcing multi-factor authentication (MFA)

The cyber threat landscape is intensifying, especially for small businesses. The financial implications are severe, and global concern is growing. Investing in cybersecurity is not just advisable; it's imperative.

Get in touch today!


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