Getting new technology for your business can always be enjoyable. It can speed up productivity, centralize your work, and connect your co-workers. Technology investments are also essential for long-term success. However, the protection it needs is even more essential to continue the business growth.
An increase in risk comes into play as technology grows such as cyberattacks, data breaches, and other security concerns. Attacks become more elaborate as technology is linked to your networks and could affect your business heavily.
A major cybersecurity attack that happened in 2021 is the Colonial Pipeline breach. Not only did they have to pay a ransom of $4.4 million, but this affected gas prices for an average consumer for the following weeks. New York Times reports that government officials confirmed "...the Colonial Pipeline's cybersecurity measure were not up to par and may have been prevented if stronger protection was in place."
78% of small to mid-sized businesses lack the confidence that their company can survive a cybersecurity attack. An average cost of a data breach in the United States has hit a record-breaking $8.64 million according to Ponemon Institute.
Attacks on small and medium sized businesses in the last few years were an easier target for hackers because of their lack in resources and security expertise. Here were some alarming statistics of cybersecurity attacks and attempts in 2021.
Forbes reports that businesses in 2021 saw 50% more cyber attacks per week on networks compared to 2020
Most targeted sectors:
- Education/Research up by 75%
- Healthcare sector up by 71%
- Communications up by 51%
- Government/Military up by 47%
Ponemon Institute's State of Cybersecurity Report identifies the increase in trends of these targeted attacks
Trends of Cyber Attacks:
- Insufficient security measures: 45% of businesses say that their process to defend and prevent attacks are ineffective
- Frequency of attacks: 66% have experienced a cyber attack in the last 12 months.
- Background of attacks: 69% say that cyber attacks are becoming more targeted
Common Types of Attacks:
- Phishing Attempts: 57%. This can happen from social interaction with fellow employees who unknowingly become manipulated and revel confidential data. Hackers use false identities or mask as a real identity in your company to trick employees in downloading malware and releasing sensitive information.
- Compromised Devices: 33%. Malicious forms of software is designed to harm and invade individual computers through downloads and hard drives. This can leak into your network affecting all the computers in your business. Ransomware is a consequence of compromised devices where the hacker locks your computer to pay a certain amount of money.
- Passwords: 30%. The Dark Web can release passwords that you may not have fully protected, but not even be aware of.
Investing in cybersecurity can safeguard your data and reassure you and your employees that your business is protected. Here are a few reasons why you should invest in cybersecurity.
1. Peace of Mind
Improve your relationship with your clients, vendors, and employees to ensure that their sensitive information is safe. Whether that would be client's bank account information or your own employee's confidential documents, it is important to ensure safety to everyone your business may deal with. The more protection you have in place, the more likely your relationships will continue to scale.
2. Protect Against the High Cost
Sometimes, a business may feel that your company may be better off without cybersecurity prevention. This could be because of high monthly costs, or that your company does not store high amounts of sensitive information. It is always best to be protected, otherwise a cybersecurity breach could cost your company $8.64 million. Monthly costs to protect and prevent is a fraction of paying an average sized breach ransom, and computers still have the chance of being compromised regardless of any sensitive information. This average cost can even reach higher numbers as business's productivity will be halted until the breach is paid or resolved.
3. Cybercrime is Increasing
With the statistics shown, there is an ever-increasing rate of attacks and attempted attacks on businesses. From remote work to transitioning back into the office, there are always elaborate ways that hackers use to get into your network and devices. You want to best prevent your business from any attack or suspicious activity, and this includes educational prevention for all employees. The more your employees are aware, the less chance of attack, even if the frequency of attacks increase as years pass.
Check out what Integritechs can offer you on cybersecurity prevention and education.
Integritechs Cybersecurity Assessment and Prevention
