Cybercrime risks are adversely affecting all business large and small, especially smaller organizations that have taken only minimal, if any, steps to mitigate this risk.
It’s reported that 90 percent of all cyberattacks are successfully executed with credentials stolen or socially engineered by employees. Here are some additional data to digest:
• Forty-seven percent of small businesses suffered at least one cyberattack during 2017.
• Of this 47 percent, only 35 percent took any action to mitigate this risk.
• Of 44 percent of small businesses that sustained a cyberattack in 2017, most experienced two, three or four additional attacks.
The startling data are from a 2018 study “Hiscox Small Business Cyber Risk Report,” which also found:
• Only 52 percent of small businesses have a clear strategy concerning cybersecurity, despite two-thirds of all small-business owners surveyed reported cyber-risks as a top concern for potential business impact during 2018.
• Only 21 percent of small businesses have a specific cybercrime insurance policy (compared to 58 percent of larger…
