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Are you at risk for a cyber-attack? (Ransomware)

Updated: Aug 23, 2023


Complacent Employee in front of their computer

Only 16% of small business owners think they are at risk for a cyberattack.

System Hacked


61% of cybersecurity incidents that happen daily in the United States occur at small businesses. According to a survey done by Continuum (Now ConnectWise) in 2019 companies with 10-49 employees lost $41,269 and those with 50-249 employees were in the hole for $48,686. Those with 250-1,000 employees ended up losing $64,085 per incident bringing an average loss of $53,987 per incident.


Ransomware

An insurer made a $40 million ransom payment to regain control of its systems. This is believed to be the largest ransomware payment to date.

Among the incident response cases reviewed in 2021, which were predominantly in the U.S., the average ransom demanded was approximately $2.2 million. This represents about a 144% increase from the average demand of $900,000 from the cases analyzed in 2020. The average payment from 2021 cases climbed to $541,010, which was 78% higher than the previous year.


User Clicking on laptop cyber security

In 2021/2022 the average IT spend per user was $7,878.


When looking at an IT budget breakdown depending on company size, Ailean Inc. did a study on U.S based companies that found small and medium-sized businesses spending around 6.9% of revenue, midsize companies spend around 4.1%, while larger companies spend around 3.2% of revenue on IT. Whether you spend 6.9% of your revenue or 0% of your revenue you are still at risk of a cyber attack. According to Varonis Security the likely hood of a data breach is 1 in 4.


Teaching Cyber Security

Kenna Security surveyed 1200 employees and 61% failed a cyber security awareness quiz.


Create a cyber security strategy that fits the security needs and financial obligations of your company, hire experienced professionals and attend training. 95% of data breaches are from human error. Studies have found that creating a cyber aware culture and providing proper training benefits companies awareness, threat reduction, avoid downtime, compliance, and increase in customer confidence.

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