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Cybersecurity

What a Better Cybersecurity Posture Looks for SMBs

What a Better Cybersecurity Posture Looks for SMBs

Today, running a business (no matter the size, service or industry) requires having a set of processes in place to prepare for unrelenting cyber attackers who seek financial gain or are motivated by bringing someone’s company to a standstill. 

2021 saw the highest average cost of a data breach in 17 years, with the cost rising from $3.86 million to $4.24 million on an annual basis, according to the IBM Cost of a Data Breach Report. Since the pandemic began, the FBI has reported a 300% increase in reported cybercrimes. These cyber-attacks are often referred to as “trench cyber warfare” and mostly affect small business owners, localized infrastructure, and influential individuals. The purpose is to disrupt normal life and daily operations.

A benchmark study by Cisco found that 40% of the small businesses that faced a severe cyber attack experienced at least eight hours of downtime. This downtime accounts for a major portion of the overall cost of a security breach. 

Here are some interesting trends that capture the cyber assault on SMBs: