{"id":3658,"date":"2019-05-16T07:56:00","date_gmt":"2019-05-16T12:56:00","guid":{"rendered":"https:\/\/habitual-statement.flywheelsites.com\/blog\/uncategorized\/most-small-businesses-pay-the-ransom\/"},"modified":"2019-05-16T07:56:00","modified_gmt":"2019-05-16T12:56:00","slug":"most-small-businesses-pay-the-ransom","status":"publish","type":"post","link":"https:\/\/www.semtechit.com\/most-small-businesses-pay-the-ransom\/","title":{"rendered":"Most Small Businesses Pay The Ransom"},"content":{"rendered":"

Are you willing to pay the piper when it comes to cyberattacks?<\/h2>\n

\"Do<\/p>\n

Despite the growing number of cyberattacks on small- and medium-sized businesses, there is still a lack of awareness or proactive defense of the networks, computer systems, applications and devices being used. This inattention means it\u2019s even easier for criminals to attack your business by worming their way into your data, stealing it and threatening to expose it. Other cyberattacks target the business itself, making systems and websites inoperable, costing businesses millions in the process.<\/p>\n

Freeing the data or access often means paying a ransom, usually in the form of Bitcoin or some other cryptocurrency that\u2019s impossible to trace.<\/p>\n

How Much of an Issue is Cybercrime?<\/strong><\/p>\n

When it comes to cyberattacks on small businesses, the reality is, if you haven\u2019t already been attacked, you will be. What matters is that you have the security protocols in place to make sure your business withstands these attacks and is not victimized by intruders looking to do harm.<\/p>\n

The scope of cyberattacks, especially on SMBs, is staggering.<\/p>\n

According to the\u00a02018 HISCOX Small Business Cyber Risk Report<\/a>, almost half (47 percent) of small businesses suffered a cyberattack in the previous year. Of those attacked businesses, 44 percent encountered a second, third or fourth attack. Eight percent had five or more attacks.<\/p>\n

Yet the report shows a paradox. Business executives surveyed identified cyberattacks as one of their top two concerns, along with fraud. Sixty-six percent said they were concerned or very concerned about cyberattacks.<\/p>\n

However, among those executives, the majority haven\u2019t taken even basic steps to protect their businesses.<\/p>\n

What Does a Cyberattack Mean to My Business?<\/strong><\/p>\n

If you do not invest in cybersecurity<\/a> measures, you are a sitting duck. That means you\u2019ll have to pay a ransom when your business is attacked. You will incur costs as well, including steps to identify and eradicate the intrusion, notify customers and regulators and pay for deep web monitoring or credit monitoring.<\/p>\n

What is that financial cost? According to HISCOX, it\u2019s $34,600 for small businesses. The\u00a02018 Cost of a Data Breach Study: Global Overview<\/a>\u00a0conducted by the Ponemon Institute shows that among SMBs and enterprises, the worldwide average total cost is $3.86 million. The costs are increasing each year, too.<\/p>\n

The Ponemon study shows some of the other inherent threats and disruptions a data breach can bring upon your business. Among key factors influencing the cost of a data breach, according to the study, are:<\/p>\n