Small business owners tend to be pretty proud of what their companies can accomplish despite their size. In fact, this is often seen as an asset. Smaller companies are often nimbler than their overgrown competitors. Other times, they can present themselves as being more focused on customer or client relationships when compared to big-name brands that prefer to compete on price. Whatever the case may be, it is clear that smaller can be better.
Of course, being the ‘little guy’ can also have its disadvantages. For instance, did you know that SMBs are actually more likely to be targeted by cybercriminals? It’s true. Hackers are gunning for smaller brands because they know these companies lack the same resources and protections against cyberattacks as their larger peers.
To make up ground, SMBs are finding cybersecurity insurance providers through companies like CyberPolicy. However, some business leaders are still unconvinced. If you are dragging your feet on investing in this essential service, then you ought to pay attention to these cybersecurity statics. Hopefully, they will set you straight.
$36,000: The average cost of data breach recovery for an SMB runs between $36,000 and $50,000. If you are a small or relatively new company, this could be a death sentence.
250 percent: Ransomware attacks rose 250 percent in 2017, with U.S. targets being hit the hardest. This trend will only get worse in the future as massive ransomware attacks sweep the globe. The WannaCry attacks earlier this year, for example, struck businesses in over 150 countries and estimated damages that could exceed $1 billion.
43 percent: According to Symantec, 43 percent of phishing attacks targeted small businesses. If opened by one of your employees, this run-of-the-mill attack could fester into breached accounts, stolen emails, data leaks, malware infections and more.
$217: According to the Ponemon Institute and IBM, the per-record cost of a data breach runs roughly $154. The U.S. has the highest cost per record at $217. If your company experiences a massive data breach spilling hundreds or even thousands of records, you could face thousands of dollars in damages. Are you prepared to cover those expenses yourself?
75 percent: One study shows that 75 percent of organizations within the healthcare industry have been hit with malware. Couple this with the fact that healthcare providers are a top target for ransomware and you can see why the industry is in such a panic to shore up their defenses.
39 seconds: The University of Maryland found that hackers, on average, barrage computers with internet access every 39 seconds. This is made possible by automated attacks which can run any number of scams including password cracking and malware distribution.
With all this in mind, it’s hard to ignore the necessity of cybersecurity insurance for small- and medium-sized businesses. So, if you are looking to protect your digital assets from cyberattack, data breach and other online threats, you ought to do so sooner rather than later.
Visit CyberPolicy for more information. It’ll be the smartest decision you make today.