The average cost of a cybersecurity attack is $200K, according to insurance carrier Hiscox. This cost can be so damaging, that 60% of businesses that fall victim to a major cyberattack have gone out of business- only six months after the attack.
But the cost of a cybersecurity attack isn’t just damaging to the balance sheet of the company, it can have a negative impact later down the road.
A business owner may think they have mitigated the situation, but there be hidden issues beneath the surface of a cybersecurity attack. Consider these potential issues a security breach or attack can cause over time.
The Hidden Cost of a Cybersecurity Attack
A loss of trust from your clients to keep their information private and safe.
Damage to your business’s reputation in the community or industry.
A pending lawsuit.
Clients and victim compensation – The victims can ask for payment.
Compliance violation fees – You may have to deal with the government regarding jeopardizing your clients’ information.
Potential loss of talented employees
For over two decades, we have paid attention to the changing landscape of cyber security. And we have noticed how most business owners aren’t adapting to the changes—allowing the possibility of a security breach in the company’s network.
We share 14 informational data points and warning signs to help you safeguard your organization’s most valuable assets from a cyberattack.
Need help protecting sensitive data and information for your small business? Let Us Help you.
Cybersecurity Attacks: 14 Warning Signs Every Business Owner Shouldn’t Ignore
1. Your Business is Not Too Small for a Cybersecurity Attack
2. Cybercrime is in the Billions
According to the FBI, in 2020, a $4.1 billion loss was due to cybercrimes (IC3 2020 Report).
3. Six Days to Resolve a Ransomeware Incident
6.2 days is the average time it takes to address and fix a ransomware incident, according to the Coveware Ransomeware Marketplace report.
4. Public Wi-FI are Threats
Public Wi-Fi can be an opportunity to have your network compromised by local hackers. A VPN (virtual private network) is a safe way to connect to your internal network.
5. Cybercrime is on the Rise
75% of the world’s businesses experienced some time of phishing attack in 2020. More false emails attempting to extort information or money have risen since the beginning of the pandemic.
6. Cybercriminals Are Getting Sophisticated
To get their malicious software installed on business computers, criminals are mixing and matching adware, spyware, keyloggers, viruses, rootkits, information “scraped” from social networks, and purchase credentials from Dark Web.
7. Cybercriminals Run It Like a Business
Well-funded professional criminals plan, research, and organize automated attacks on individual companies and government entities.
8. Open Access to Everyone
Limit access and permission to your sensitive data. Not everyone in your office should have access to every file and folder.
9. Business Email Schemes Cost 1.8 Billion in Losses in 2020
Up to 90% of email is spam, and email is the primary tool cybercriminals use to access your employee’s computer and network.
10. Ransomware Infections from Remote Desktops
84% of ransomware infections were initiated by remote desktop protocols (RDP) in Q4 2018, and it’s safe to say that figure has jumped due to the shift of workers working remotely.
11. Data is Not Encrypted
Encrypt your data that travels outside of your office. In case a laptop is lost or stolen your sensitive data is safe.
12. Employee Errors Can Cause Damage
48% of the breaches are caused by human factors/errors. Therefore, it is best to provide regular employee awareness training.
13. Weak Passwords Can Make a Network Vulnerable
Take password policy seriously. The use of complex passwords and changing them on a quarterly basis is standard password practice. Using a two-factor authentication system can add another layer of security.
14. Employees Use Work Laptop Like their Personal
As a result, over 80% of breaches are caused by employees. Set up training and policies for employees to understand the proper protocols of using a company laptop.
So there you have it, 14 tips and warning signs that shed some light on how to safeguard you from a cyberattack.
But a few tips aren’t enough to protect your company. If you want to learn more about thoroughly safeguarding your business’s network, we published an article on three essential elements of building a comprehensive cyber security plan. Continue to read “What is a Multi-layered Security Plan? And Why your Business Needs It’.
Want help with your cyber security strategy? Contact us for a free consultation.