Small & Medium-sized Businesses Are Susceptible to Cyberattacks, too.
Cyberattacks against large enterprises such as Target, Sony and FedEx over the past few years have captured the headlines and have demonstrated the devastating impact that the exploitation of network vulnerabilities can cause to businesses and their customers. However, cyberattacks are not limited to enterprise-level organizations – cyberattacks on small- to medium-sized businesses (SMB) are common and on the rise.
A recent study published by the Ponemon Institute found that cyberattacks against SMBs had increased from 55 percent to 61 percent year-over-year among its respondents. That same study found that 52 percent of the SMB respondents had experienced a ransomware attack and 53 percent said they had been subjected to more than two ransomware incidents in the past 12 months. The cost to these organizations was significant with an average cost of $1,027,053 due to damage or theft of IT assets and infrastructure, and an average cost of $1,207,965 from disruptions to normal operations.
In addition to substantial economic losses businesses incur as a result of a cyberattack, the theft of data such as financial or customer information can cause significant damage to a company’s reputation and could open them up to legal consequences. According to UPS Capital, 60 percent of small businesses go out of business within six months of an attack.
What can you do to protect your business? It starts with making sure you have the proper hardware and services in place to prevent cyberattacks to the best of your ability. At Zyxel, we can help with a wide variety of options to choose from.
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