How Much Does a Cyberattack Cost a Small Business?
With the rapid digital transformation occurring globally, the ease of doing business has increased. However, cybercriminals have not been left behind. Credible reports indicate that 43% of small businesses experience cyberattacks annually in the United States.
The worrying part is that cybercrime is not expected to end any time soon. It is, therefore, upon small businesses to equip themselves with the right cybersecurity strategies to mitigate this business risk that has caused many organizations to shut down. Cybersecurity specialists from West County Computers have detailed an in-depth guide indicating the various cyberthreats small businesses face and their cost implications. Read on!
Cyberattacks that Threaten Small Businesses
- Denial of Service (DOS) – This is an attack crafted to overwhelm the target’s network resources or machine intending to deny the user access to their system by crashing it. In this scenario, the attacker stands to gain no benefit, but the damage caused to the business operations is tremendous.
- Phishing attack- This is a common cybercrime whereby the attacker designs emails that appear familiar and to be from trustworthy sources. The primary objective is to collect classified business information from your employees, such as passwords or usernames. The attacker may also lure the targets to perform particular tasks that can harm your business. For instance, they can ask them to download malware that might affect your business systems adversely.
The Cost of Data Breach
Losses from cyber risks vary significantly depending on various factors. However, a recent report by IBM indicated that, on average, small businesses incurred losses between $120,000 and $1.24 million due to data breaches. This is not a small amount considering the capital strain that small enterprises face. Therefore, it is prudent for organizations of all types and sizes to implement robust cybersecurity strategies to curb the situation and minimize losses.
Need a Cybersecurity Specialist to Secure Your Business? Contact us Today
Irrefutably, every business owner needs adequate preparation and plans to reduce the frequency and severity of cyberattacks in their organization. At West County Computers, our experts in business computer security services will help plan and implement adequate cybersecurity policies and approaches to ensure maximum safety for your enterprise. Please fill out our online contact form or give us a direct call at 707-360-8652 to schedule a free consultation and get a free IT risk assessment.
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