What do Cyber Breaches Cost SMBs?
What do Cyber Breaches Cost SMBs?
- Total cases reported – 13,672 which means 1 case every 10 minutes.
- Reported financial loss per day – $890,000
- Financial loss per day (average) – $6,000
- Estimated annual losses – $328 million
The future of business is digital. With the rising cyberattacks events not having strong cybersecurity can cost your business money, time and even your whole business.
Why are SMBs vulnerable to cyberattacks?
In a survey conducted by ACSC, 62 per cent of small and midsized businesses have experienced a cybersecurity incident. Almost half of SMBs that responded spent less than $500 on cybersecurity per year.
- Larger businesses have implemented enhanced security systems, pushing hackers to look for easier targets.
- Small and midsize businesses are more in number and provide a large market for exploitation.
Types of Cyber Breach risks for SMBs
Infrastructure risks: Risks that emerge due to uncertainty about securing technologies like cloud services, IoT devices and server environments.
Human resource risks: Risks that arise due to a lack of trained IT security personnel or because of a lack of staff cybersecurity awareness training.
Data Risks: Risks that contain the loss of critical and confidential data.
Operational risks: Risks that involve operational disruption, financial damage, and loss of intellectual property which are caused by the flaws in security infrastructure.
What are some common cybersecurity threats?
What’s the Impact of a cyberattack on SMB?
- Financial losses from stolen banking information
- Financial losses from disruption of business operations
- High costs to clean your network of threats
- Damage to your reputation
How can SMBs secure themselves against cyber breaches?
More than 70% of cyber incidents happen due to human error. Employees are the first target of cybercriminals looking to trespass into an organisation’s systems. Regular cybertraining for employees goes a long way in minimising cyber breaches.
Most SMBs have employees bring in their own devices to work. Executives too use their devices for work and personal purposes. As much as possible, use different devices for work and personal purposes. If personal devices are used, then there should be stringent policies on implementing cyber-security measures for the devices.
MFA adds an extra layer of security and helps to protect your data, even if your login credentials are compromised. MFA like SMS or email tokens, Biometric recognition, hardware tokens help you and your employees login to organisational systems more securely.
Ransomware –a malware that blocks access to a system and demands a ransom to free access again. The infection usually happens through deceptive links in websites, emails or messaging.
System vulnerability – in IT security, it means weaknesses or flaws in system security that can be exploited by cybercriminals to gain unauthorised access to an organisation’s systems and data.
Cybersecurity breach – an incident that results in a cybercriminal accessing data without authorisation.
Chris is the Business Manager of The Computing Australia Group, he is responsible for the management of the entire Computing Australia Group team. He enjoys the fact that it is a busy portfolio and no two days are ever the same. His day is a mix of working with the various members of our team and interacting with clients. Having worked with The Computing Australia Group for over 16 years, Chris knows our products and what it takes to put together a reliable IT solution that you can depend on.