A person works on a laptop in North Andover, Mass., on June 19, 2017. Cyberattacks on businesses are rising, including small businesses. It’s a troubling trend that can be very costly and time-consuming if owners don’t have a plan to deal with them.
In an alarming trend, cyberattacks are increasing, affecting businesses, particularly small ones. These breaches can be costly and time-consuming without proper preparation.
The Verizon 2023 Data Breach Investigations Report reveals a significant rise in ransomware attacks, which now account for 24% of all breaches. The median cost per ransomware attack has more than doubled in the past two years, reaching $26,000.
To mitigate these risks, small businesses must prioritize prevention. Since human error contributes to 74% of breaches, implementing safeguards like two-factor authentication and regular password changes for employees is crucial.
In the event of a breach, collaborating with a cybersecurity expert is essential to assess the situation accurately and minimize damage. Attempting containment without adequate technical expertise can exacerbate the issue.
Furthermore, reporting attacks to federal authorities within 72 hours of detection is mandatory. Promptly notifying authorities ensures appropriate action can be taken to address the breach effectively.
