Who thought they would live to see the world’s largest cyberwar? Congratulations, you are alive during the largest and most costly cyberwar to date. You may be asking yourself “Really?” The answer is “Yes, you are.”
What does this mean for the average business?
No matter what the business’s size is or business mission, they are a target for cybercrime. Present-day attacks focus on the target’s supply chain as much as the primary target itself. Supply Chain Attacks are so prevalent that Google’s CEO announced that Google will invest more than $10 billion (about $31 per person in the US) in Supply Chain cybersecurity over the next five years.
One question every business leader should ask themselves is, “Does our business provides services to another business?” If so, then you are part of the Supply Chain and therefore a target. Your business may not be the end goal. Your business may be a way for the attackers to get to their end goal.
Reflecting on 2021
- Early estimations from the reported cyberattacks in 2021 show that an organization suffered a ransomware attack every 11 seconds. Some experts predict that by 2031 ransomware will cost victims more than $260 billion (about $800 per person in the US) annually.
- Healthcare organizations have been experiencing some of the most robust attacks over the last five years. The number of attacks have quadrupled from 2017 to 2021. This is only expected to increase in 2022.
- Financial analysts are preparing for the cyber insurance market to grow to $14.8 billion (about $46 per person in the US) by 2025.
- Unfortunately, most organizations wait until it is too late to protect themselves.
How Should small to medium businesses protect themselves from cyberattacks?
Every small to medium business has more to lose than the largest enterprise in their market. When a large enterprise organization suffers a cyber-attack, they may lose 5%-10% of their clients due to reputational damage. Those same large enterprises may also onboard enough new consumers to offset this. When a small to medium business suffers a cyber-attack, they typically cannot afford the negative reputational impact that comes with being the reason your customers were compromised. Every business has a legal and ethical obligation to inform their clients of any breach affecting the client’s personal information and or their associated business information.
Working with seasoned partners like Bastionpoint Technology is the first step. A well-seasoned partner will be able to not only convey the current level of threats but also discuss affordable protection for your life’s investment.
Written by Juan Carlos Garcia