Companies Lose An Average of $200,000 On Cyberattacks

Cybercrime is a type of criminal activity that’s becoming increasingly prevalent these days. What’s even more worrying is that cyberattacks are set to cost companies all over the world as much as $5.2 trillion in just five years.

Cybercriminals love to target small businesses and 43% of online attacks are aimed at them. The problem is a meager 14% of these firms have made the effort to protect themselves against such attacks. If you are a small business owner, you need to prioritize information security.

IT experts guarantee that every modern company’s state of the art perimeters will be breached eventually. Therefore, for small businesses, it’s no longer about if these security threats will happen but when they will take place.

To make things worse, the results of cyber attacks rise and such incidents now cost small businesses an average of $200,000. About 60% of the businesses that were breached have gone out of businesses six months after they were attacked.

The number of occurrences of these cyberattacks has gone up as well with over 50% having of the total number of small businesses suffered a breach within the past year. Plus, 4 out of 10 small companies having suffered multiple cyberattacks.

Even though this is already the case, 66% of the executives of small businesses still think they won’t be targeted by cyber criminals. Moreover, six out of ten don’t have any cyber defense plan of any kind, which means there’s a great need for improved education and industry awareness.

The damage that is brought upon a compromised company becomes worse because it usually takes about 101 days before company owners and business operators detect that they were hacked.

The costs that these compromised businesses need to cover can also pile up quickly. Aside from the attorney’s fees and other ancillary costs that you have to deal with, you will also be faced with the issue of losing customer confidence and loyalty as well as business relationships.

There are 30.2 million small businesses in the U.S. right now. If they wish to be protected from most, if not all types of online threats, they need to set in place a comprehensive IT security strategy.

• Make backups and duplicates of files and data every day.
• A network firewall, anti-virus, and tools for information encryption should be installed and updated regularly. They will scan and counteract harmful programs and viruses, and keep sensitive data safe and secure.
• Employees should only be given access to files, folders, and applications they need to use to do their job.
• Staffers must be trained regularly, every three months at least, and inform them of the latest cybercrime trends and online threats.
• Test the ability of your employees to detect scammers. You should also check how they respond to fraudulent requests.
• Perform tests for ongoing vulnerability and conduct risk assessments on installed applications and computer networks.
• Install cyber analytic tools that could scan user accounts, applications, networks to detect and halt any suspicious activity before they spread.

Why Companies Need Threat Intelligence?

Please remember that cyber threats may come from internal and external sources. With the increasing number of sensitive data that businesses handle these days, the best cyber defenses today are multipronged.

Call SpartanTec, Inc. and let our team of IT experts help you set up measures to protect your business from cybersecurity threats.

SpartanTec, Inc.
Wilmington, NC 28412
(910) 218-9255
https://spartantec-wilmingtonnc.business.site/

Cities Served:
Wilmington, Silver Lake, Sea Breeze, Carolina Beach, Eagle Island, Leland, Wrightsboro