The rise in cyberattacks on businesses, including small ones, is a growing concern. These attacks can be costly and time-consuming to deal with if business owners are not adequately prepared with a response plan. To prevent such incidents, small businesses must have a plan in place to protect themselves from the threat of cyberattacks.
According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack has more than doubled in the past two years, now sitting at $26,000. This increase is due in part to the significant rise in ransomware attacks, which now account for 24% of all breaches. Therefore, it is crucial for business owners to ensure that all employees use security measures like two-factor identification and regular password changes to reduce the risk of being hacked.
In case of a breach, businesses should work with a cybersecurity expert internally or externally to assess the situation and determine the extent of the damage. Trying to manage the breach without proper technical knowledge can worsen the situation. It’s also vital to report any attack on authorities within 72 hours of discovering it as required by law.
By being proactive and prepared, small businesses can better protect themselves from cyber threats and mitigate potential risks and costs associated with such breaches.
