Global fintech and funding innovation ecosystem

Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months

CPO Magazine | Alicia Hope | Jun 23, 2022

Cyber attacks and hacks 1 - Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 MonthsTwo-thirds of companies that suffered cyber attacks were hit again within a year, according to a global Cymulate Data Breaches Study.  According to the report, 40% of the businesses were attacked within 12 months, with an average of 1.3 cyber attacks per year. However, 10% of the firms experienced ten or more incidents within a year.

Employees and connected partners are the main gateways for cyber attacks

  • Most cyber attacks originated from end-user phishing (56%) and hacking third parties with corporate network access
  • Direct cyber attacks on the enterprise network by threat actors accounted for 34% of incidents
  • Insider threats were responsible for 29% of incidents

See:  Lex Fridman Podcast with Brett Johnson: US Most Wanted Cybercriminal

Businesses responded differently after cyber attacks

  • 39% handling everything internally, without hiring experts, public relations, or mandatory reporting
  • 35% of the cases, the company responded by hiring security consultants
  • 12% hired public relations consultants to protect their reputation
  • 12% responded by dismissing their current security staff, while 4% dismissed the executives

According to the report, security teams needed to involve a legal, finance, or executive staff to deal with the aftermath of cyber attacks in 39% of the cases.

Multi-factor authentication remains the most preferred mitigation for cyber attacks

  • The top types of incidents reported were malware (55%), followed by ransomware attacks (40%), and DDoS attacks (32%)
  • Two-thirds (67%) of the respondents preferred multi-factor authentication (MFA) to mitigate cyber attacks, followed by proactive corporate phishing and awareness campaigns (53%), well-planned and practiced incident response plans (44%), and least privilege (43%).

See:  90% of IT Managed Service Providers Experienced a Successful Cyber-Attack (in the Past 18 months)

Small businesses incur more losses from cyber attacks

More than half (57%) of large businesses reported that disruptions after cyber attacks lasted for a short time, while 40% reported minor damage. In contrast, only 33% of small businesses reported short-lived disruptions and low-level damage (27%).

The larger the company, the more resources they are likely to have to recuperate

Continue to the full article --> here


NCFA Jan 2018 resize - Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 MonthsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 MonthsFF Logo 400 v3 - Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Monthscommunity social impact - Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months




 

Leave a Reply

Your email address will not be published. Required fields are marked *