Small businesses are increasingly at risk of cyberattacks. Here’s what you need to know.

Cyberattacks on businesses are on the rise, impacting companies of all sizes, including small businesses. This trend is concerning because dealing with a breach can be costly and time-consuming if business owners are not prepared with a response plan.

The Verizon 2023 Data Breach Investigations Report indicates that the median cost per ransomware attack has more than doubled in the past two years, now sitting at $26,000. This increase is due in part to the significant rise in ransomware attacks, which now account for 24% of all breaches.

To prevent cyberattacks, small businesses should have a plan in place. The majority of breaches, 74%, are caused by human error, so it is essential for business owners to ensure that all employees are using security measures like two-factor identification and regular password changes to reduce the risk of being hacked.

In the event of a breach, businesses should work with a cybersecurity expert internally or externally to assess the situation and determine the extent of the damage. Trying to manage the breach without the proper technical knowledge can worsen the situation. It’s also crucial to report the attack to the authorities within 72 hours of discovering it, as required by law.

By being proactive and prepared, small businesses can better protect themselves from the growing threat of cyberattacks and mitigate the potential risks and costs associated with such breaches.