Most businesses are not prepared for cyberattacks. But there’s hope.


 

Leon Punambolam
Industry Leader, Technology
Cowan Insurance Group

According to a recent study by Ponemon Institute, less than a third of global businesses are prepared to recover from a cyberattack.

This is down from 2015 despite increased attention to the topic in the wake of high profile breaches, such as Canadian website Ashley Madison; ransomware attacks on hospitals; and the high emphasis on data security during the recent US election.

But these numbers pale in comparison to recent numbers for small businesses, most of whom believe they have little to be concerned about. In fact, an earlier report from UK-based firm Kaspersky noted that as many as 97% of small-medium businesses did not plan on making improvements to their online security as part of their future business growth.

Additionally, the report indicated:

  • 82% of business owners claim they're not targets for attacks as they don't have anything worth stealing.
  • 32% believe they won't suffer any lost revenue from a day's worth of downtime from an attack.
  • 31% don't have any plan of action for responding to it security breaches.

Surprisingly, many business owners aren’t seriously considering the impending threat from cybercriminals. The truth is that small and medium-sized businesses make ideal targets for hackers as they have more valuable digital assets than an individual, but often have fewer security measures and personnel in place to mitigate threats than a larger organization.

Criminals don’t discriminate based on size of business — they go for the best opportunity, which is often, on under protected small businesses. In fact, according to Symantec, 65% of all cyberattacks were targeted at small and medium-sized businesses.

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