The cybersecurity threat continues to worsen. In the first half of 2018, the number of cyber breaches soared over 140% from a year earlier, leading to 33 billion compromised data records worldwide, reports Gemalto, an international data security company.
Small and medium-sized businesses (SMBs) are increasingly targeted and many are realising that they are viewed as attractive a target as the larger companies. Cisco’s 2018 SMB Cybersecurity Report found that 53% of mid-market companies in 26 countries experienced a breach.
Read more about the growing cyber threat for SMBs and learn how small companies can protect themselves in 2019, on Information Age.
Ransomware continues to dominate the cyberthreat landscape for small- and medium-sized businesses (SMBs), according to a report from Datto. Ransomware was the no. 1 cyberattack experienced by SMBs in 2018, with companies facing these attacks more than viruses or spyware.
The report surveyed 2,400 managed service providers (MSPs) that provide IT support for half a million SMBs globally. It found that ransomware attacks occur frequently, and are expected to increase. More than 55% of those surveyed said their clients experienced a ransomware attack in the first six months of 2018, and 35% said their clients were attacked multiple times in the same day. Some 92% of MSPs said they predict the number of attacks will continue at current or increased rates, the report found.
Read more about the findings of the Datto report on TechRepublic.
More than half (52%) of online SMBs globally worry that the move to frictionless payments, such as transactions that take place behind the scenes in apps, is leaving them more open to fraud and will negatively impact revenues according to a new report from Paysafe.
In the UK this concern is heightened by the fact that 66% of SMBs believe they are being more aggressively targeted by fraudsters now compared to a year ago and 43% consider card fraud an increasing challenge. These concerns mean SMBs across the globe now view security as the most important factor when considering their eCommerce setup.
Small businesses in the UK are the target of an estimated 65,000 attempted cyber attacks each day, according to figures released by Hiscox to help raise awareness of the prevalence of cyber crime.
Cyber security incidents cost the average small business £25,700 (over $33,700) last year in direct costs, including ransoms paid and hardware replaced, in addition to indirect damage such as the impact on reputation or loss of customers. The insurer estimated the hacking figures based on tests which monitor, in real-time, the total number of attempted attacks on three “honeypot” computer systems typical of those used by small firms.
Read more about the findings of the new Hiscox report on The Scotsman.
Cyberattacks on big companies often make headlines, but some 43% of all cyberattacks actually target SMBs, according to data compiled by SCORE. Macro malware is the most impactful form of cybercrime affecting SMBs currently, according to a press release announcing the findings.
In 2017 alone, SMBs faced 113,000 incidents of macro malware, the release said. Macro malware is often found in malicious email attachments, appearing as a word processing document or similarly familiar type of file.
Read more about the findings of the new SCORE report on TechRepublic.
As digital becomes the norm in business and cybersecurity threats proliferate, the market for cyber insurance is growing at a massive clip. While it was once thought to only be available for large enterprises, cyber insurance is now the fastest-growing insurance market for SMBs, according to new research from CyberPolicy.
Average quarterly growth for cyber insurance among SMBs has been 69% over the past year, according to a press release announcing the findings. However, its highest quarterly growth rate was tagged at 150%. Nearly half of all cyberattacks now target SMBs, so it makes sense that small business owners would be considering cyber insurance.
Read more about the findings of the CyberPolicy research on TechRepublic.
Small and mid-sized companies (SMBs) are increasingly at risk of cyber attacks, and often serve as a launch pad for larger threat campaigns, according to Cisco’s 2018 SMB Cybersecurity Report.
SMBs act as soft targets for cybercriminals because they tend to have less-sophisticated security infrastructure and fewer trained cybersecurity workers on staff to manage and respond to threats, the report noted. More than half (53%) of the 1,816 SMB respondents said their business has experienced a breach. These breaches can be costly: 20% of SMBs said these breaches cost $1 million to $2.5 million.
Read more about the findings of the new SMB report on TechRepublic.
A new InsuranceBee survey, which asked over 1,000 SMBs how prepared they are to deal with cybercrime, shows that small businesses are leaving themselves exposed to significant financial risk from cybercrime by not having adequate measures in place to recover in the event of a cyber attack.
Although the average cost for small and medium-sized businesses to recover from a cyber attack is estimated to be $120,000, 83% of SMBs do not have any money reserved to get back to business as usual should a breach occur. A quarter were unaware it would cost money to put things right.
While only large-scale attacks such as WannaCry make headlines, small businesses are being hit by ransomware attacks as well. According to Datto’s 2017 Ransomware Report, eighty-six percent of IT managed service providers (MSPs) said their SMB clients have been victimised by ransomware in 2017.
The spike in ransomware attacks means it has never been more important for SMBs to have a reliable business continuity and disaster recovery (BCDR) plan in place. It also means there has never been a better time for MSPs to talk to their clients about implementing a BCDR solution.
Read why Ian van Reenen of Datto believes that ransomware creates a big opportunity for MSPs to educate their SMB clients, on Help Net Security.
Two recent surveys offer insight into why small to medium-sized businesses (SMBs) are taking security more seriously. In one study, by Webroot, 600 IT decision makers pinpoint their top concerns (think: phishing and ransomware), as well as areas where they are becoming more relaxed, due largely to increased security awareness and training, as well as much-improved access control management.
The other study, by Kaspersky, examines IT budgets and high-level staffing considerations, given that “most SMBs can’t afford a full-time CISO,” says Jason Stein, vice president of channel at Kaspersky Lab North America.
Read a list of 9 SMB security trends you need to know about, on DarkReading.