Failure — Small Business & Cybersecurity

The Verizon 2021 Data Breach Investigations Report took a long look at small business — those with under 50 employees — and cybersecurity. So did Corvus Insurance.

Corvus found that just 8% of businesses with under 50 people on the payroll have dedicated some money in the budget to cybersecurity. A lot of those businesses just pack their cybersecurity into the IT budget — or some other department’s budget — and forget about it.

Close to half — 47% — have no cybersecurity budget whatsoever.

Companies that are a little bit bigger aren’t much better. Businesses with 51 to 249 employees don’t have much for cyber security budgets — if anything at all. Just 14% dedicate money to protect the business from cyber criminals.

What those businesses don’t realize is that they’re a prime target.

The Verizon 2021 Data Breach Investigations Report found there were 1,037 incidents in 2021 for companies with less than a thousand employees. Compare that to 2021 total of 307 data breaches for large companies.

For very small companies the number hit 263.

Verizon’s report said the usual suspects were responsible for the small business hits. System hacks, errors and web application attacks were the most common attacks and accounted for 80% of them. For compromised data attacks, 44% came from compromised credentials. Targeted personal information led to 39% of them and 17% of breaches are from compromised medical information.

Here’s the saddest detail from a survey done by IBM in 2021. It found that 60% of businesses with less than 500 employees ended up going out of business six months or so after a cyberattack.

Source link: PropertyCasualty360.com — https://bit.ly/3MzSGXo