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In less than one year, we witnessed two of the most significant cyberattacks in history. The Colonial Pipeline ransomware attack caused a jet fuel shortage for many air carriers and cost them an estimated $5 million, while the Marriott breach involved more than 5.2 million guests, damaging their reputation and costing them millions in fines.
Cybercrimes have a large impact on companies and individuals. The cost of cybercrimes is expected to reach $10.5 trillion by 2025, so it’s essential to understand how to prevent an attack from happening to your business. Here are five key insights on how you can protect your business.
Human error is at blame for 95% of cybersecurity breaches. Employees commonly download a bad file that introduces malware into the internal network or fall victim to a phishing attacks in which they provide secure information to a bad actor pretending to be a reputable person within the company. Any threat mitigation technology or firewall is worthless without providing cyber literacy training to your employees.
Many may assume that large companies are more at risk for a cyberattack. However, small businesses account for 58% of malware attack victims. Simultaneously, 70% of small businesses are unprepared to handle a cyberattack, from being understaffed to not allocating a large enough budget for IT security. Understanding where your company stands and what attacks it may be more susceptible to can help you make informed decisions about your need for small business IT support.
In 2021, hackers encrypted devices and accessed source code at CD Projekt. The organization rapidly retrieved the missing data without paying the ransom because of their backups. Ransomware is one of the most common attacks, and the cost can be staggering. The average ransomware payout increased by 33% in 2020 over 2019 to $111,605. Backing up regularly and keeping backups on different servers to prevent infection is an excellent foundation for ransomware protection. You can get your operations back up and running with quality backups while minimizing ransom payment costs and downtime.
Cyberattacks often occur because your systems or software are not current, exposing vulnerabilities. Hackers exploit these flaws, and cybercriminals use them to access your network. According to a Voke Media survey, 80% of companies with a data breach or failed audit could have avoided it by patching on schedule or keeping up with configuration updates. Installing updates and patches guarantees that you are running the most secure programs and software versions.
Preparing for cyberattacks in advance is undeniably one of the best cybersecurity solutions. Consider limiting administrative computer rights to higher-ranking workers and IT specialists to prevent hackers from compromising staff and acquiring additional information. Avoid hazardous third-party app installs and malware by preventing workers from installing unapproved software or accessing unprotected websites.
As you can see, knowledge is power in protecting your business from cyberattacks. So continue to be vigilant in cybersecurity protection by keeping your staff trained, investing in your IT solutions and small business IT support, and staying knowledgeable and prepared for any vulnerabilities your company may face.
LeadingIT offers 24/7, all-inclusive, fast and friendly technology and cybersecurity support for nonprofits, manufacturers, schools, accounting firms, religious organizations, government, and law offices with 20-200 employees across the Chicagoland area.
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