Cyberattacks against companies, including small and medium-sized businesses, are on the rise
NEW YORK – Cyberattacks against businesses, including small and medium-sized businesses, are on the rise. This is an alarming trend because breaches can be extremely costly and time-consuming if owners do not have a plan to deal with them.
According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack (a ransomware attack that features a type of malicious software designed to block access to a computer system until a sum of money is paid) has more than doubled to $26,000 in the past two years. .
One reason for this is that ransomware attacks are increasing dramatically, accounting for 24% of all breaches.
Small businesses should first have a plan in place to prevent cyberattacks. The human element is responsible for 74% of breaches, so owners should ensure that all employees use safeguards like two-factor authentication to make themselves less susceptible to hacking. Requiring employees to change their passwords regularly can also be effective.
If your business has been compromised, it's best to work with your in-house cybersecurity personnel or a trusted third party to assess what happened and what damage was done. Attempting to contain the infection without proper technical knowledge will only make matters worse.
It is also important to let the authorities know what happened. Attacks must be reported to federal authorities within 72 hours after a company reasonably believes an attack has occurred.