Cyberattacks Now Cost Small Businesses $200,000 on Average

480 new high-tech threats hit the internet each minute; still feeling confident about your online security?

A report containing some staggering statistics has been published recently showing that the cost of cyberattacks for small businesses is hovering around $200,000, with a reporter at CNBC dubbing small businesses “a favourite target of high-tech villains.”

By the looks of the report, small businesses are on the frontline of the fastest growing form of crime- cyber attacks. Not only that, while small businesses are copping 43% of the attacks launched online, only 14% are currently prepared to weather the storm, according to network security leaders; these incidents are costing these small business operators, on average, $200,000.

Small businesses are copping 43% of the attacks launched online, and only 14% are currently prepared to weather the storm

The report also mentions that more than half of all small businesses have suffered a breach within the last year, and, according to insurance company, Hiscox, 60% of those impacted organisations go out of business less than six-months after being impacted by a cyberattack.

“Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground that we’ve got to safeguard has also grown exponentially,” CTO of online security provider ExtraHop, Jesse Rothstein said. “From mobile to desktop interactions, cybercriminals can launch thousands of digital attacks designed to compromise your operations at every turn, only one of which evr needs to connect to cause serious disruption.”

“It’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be breached.”

Data from Hiscox also reveals that the frequency of these attacks is also increasing, with more than fifty percent of breaches occurring in the past 12-months, and four out of ten reporting multiple incidents in the past year. Scott Steinberg also mentions in his report that “given that digital threats tend to go an average of 101 days before being detected by business operators, the damage to an organization from such compromises can quickly add up.”

As a result, Jesse says that it’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be breached. Scott Steinberg, a technology reporter for CNBC says that as a result, “it’s no longer a matter of considering if security threats will arise, but rather thinking in terms of when.”

“Attackers are getting smarter, attacks are occurring faster, and incidents are becoming more complex,” Justin Fier, director of cyberintelligence at Darktrace said. “The latest cyberattacks speedily exploit vulnerabilities in computer networks - which [can be infected] like human immune systems, changing thousands of times per second - and can overtake even major networks in an hour and a half.”

Steinberg concludes his report with an eye-watering statistic: “even with 480 new high-tech threats now introduced every minute, according to McAfee, human error still remains one of the greatest threats to an organization’s well-being. With just 3 in 10 employees currently receiving annual cyber training, it’s all too easy for enterprising con artists or email scanners to circumvent even the most cutting-edge digital safeguards.”

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