Protect Your Small Business from the Rising Threat of Cyberattacks: How to Prepare and Mitigate Potential Risks and Costs

Small businesses are increasingly becoming targets of cyberattacks, which can be costly and time-consuming to deal with if they are not prepared with a response plan. According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack has more than doubled in the past two years, now sitting at $26,000. This increase is due in part to the significant rise in ransomware attacks, which now account for 24% of all breaches.

To prevent cyberattacks, small businesses should have a plan in place. The majority of breaches, 74%, are caused by human error, so it is essential for business owners to ensure that all employees are using security measures like two-factor identification and regular password changes to reduce the risk of being hacked.

In the event of a breach, it’s crucial for businesses to work with a cybersecurity expert internally or externally to assess the situation and determine the extent of the damage. Trying to manage the breach without proper technical knowledge can worsen the situation. It’s also important to report the attack to authorities within 72 hours of discovering it as required by law.

By being proactive and prepared, small businesses can better protect themselves from growing threats such as cyberattacks and mitigate potential risks and costs associated with such breaches.