Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Small Businesses Incur Greatest Loss of Cyber Attacks | 67% Suffer Repeat Attacks Within 12 Months
CPO Magazine | Alicia Hope | Jun 23, 2022
Two-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
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