Cyber attacks are increasingly focusing on small businesses, and the damage they cause can be disastrous.
In fact, small businesses are the target of 43% of cyberattacks. And 60% of those businesses that are attacked by a cyberattack fail within six months.
Effect: There were over 200,000 computers infected by WannaCry ransomware in 150 countries in 2017, including small businesses.
Cost: Based on Ponemon Institute estimates, WannaCry ransomware cost over $4 billion.
Effect: In 2017, Equifax suffered a data breach that exposed the personal and financial information of 143 million customers, including small businesses.
Cost: The total cost of the Equifax data breach was $439 million, according to the Ponemon Institute.
– Effect: In 2017, the NotPetya ransomware attack infected computers in several countries, including small businesses, causing widespread disruption.
Cost: The total cost of the NotPetya ransomware attack was estimated to be over $10 billion, according to the Ponemon Institute.
Effect: In 2018, Marriott suffered a data breach that exposed the personal and financial information of 500 million customers, including small businesses.
Cost: The total cost of the Marriott data breach was $3.86 billion, according to the Ponemon Institute.
Effect: In 2019, Capital One suffered a data breach that exposed the personal and financial information of 100 million customers, including small businesses.
Cost: The total cost of the Capital One data breach was $300 million, according to the Ponemon Institute.
Effect: In 2020, the SolarWinds supply chain attack affected several government agencies and businesses, including small businesses.
Cost: The total cost of the SolarWinds supply chain attack is still being calculated, but it is expected to be significant.
Importance: Cybersecurity is essential for small businesses to protect against financial losses and reputational damage.
Cost: The average cost of a cybersecurity breach for a small business is $200,000, according to the Ponemon Institute.
Small businesses can implement several best practices to improve their cybersecurity posture, such as regularly updating software and systems, training employees on cybersecurity awareness, and using strong passwords and two-factor authentication.