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Cyberattacks now cost small companies $200,000 on average, putting many out of business

October 13, 2019

By: mirabiliscorp

In an age of ongoing digital transformation, cybercrime has quickly become today’s fastest-growing form of criminal activity. Equally worrying for modern executives, it’s also set to cost businesses $5.2 trillion worldwide within five years, according to Accenture.

With 43% of online attacks now aimed at small businesses, a favorite target of high-tech villains, yet only 14% prepared to defend themselves, owners increasingly need to start making high-tech security a top priority, according to network security leaders.

“Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground that we’ve got to safeguard has also grown exponentially,” explains Jesse Rothstein, CTO of online security provider ExtraHop. “From mobile to desktop interactions, cybercriminals can launch thousands of digital attacks designed to compromise your operations at every turn, only one of which ever needs to connect to cause serious disruption.”

As a result, he says, it’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be breached. This being the case, for small business owners, it’s no longer a matter of considering if security threats will arise, but rather thinking in terms of when.

Worse, the consequences of cyberattacks continue to grow, with digital incidents now costing small businesses $200,000 on average, according to insurance carrier Hiscox, and 60% going out of business within six months of being victimized. The frequency with which these attacks are happening is also increasing, with more than half of all small businesses having suffered a breach within the last year and 4 in 10 having experienced multiple incidents, reveals Hiscox.

At the same time, though, according to Keeper Security’s 2019 SMB Cyberthreat Study, 66% of senior decision-makers at small businesses still believe they’re unlikely to be targeted by online criminals. Similarly, 6 in 10 have no digital defense plan in place whatsoever, underscoring the need for heightened industry awareness and education across the board.

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