We frequently hear about new cyberattacks in the news, but the effects these attacks have on businesses are astronomical. Despite more businesses using measures such as Atlas VPN, proxies, and other security measures, the frequency of cyber attacks is climbing, and especially small and medium-sized businesses are suffering.
The 2022 US Cybersecurity Census report has been released. It illuminates just how bad these losses are, with 37% of businesses reporting that they lose over $100 000 per successful attack. This percentage is broken down into 22% of businesses reporting losses higher than $100 000, with 11% of businesses losing between $500 000 and $999 999 and 4% claiming to have lost more than a million from successful cyber attacks.
As if the above statistics weren’t bad enough, the report also stated that businesses face approximately 42 cyberattacks annually. Out of those attacks, about three are successful. One cyber-attack can cause significant damage, and more than one can cause a catastrophe, especially for small and medium-sized businesses.
Aside from the major financial losses that successful cyber attacks cause, businesses also have to deal with other damages. 31% of businesses reported disruptions in partner and customer operations, and 28% reported damages to reputation and theft of confidential financial information. 24% had to manage supply chain disruptions, with 23% experiencing a major disruption of business operations. Furthermore, 19% of businesses noted a loss of business contracts, while money theft was present in 18% of companies.
More worrying than all these statistics is that 48% of businesses were aware of the successful cyberattack but did not report it to the appropriate authorities. This significant lack of transparency causes further damage to the company’s reputation and can make these attacks more dangerous and prevalent.
Businesses are doing more to improve their cybersecurity, such as using VPNs, proxies, and stronger security protocols. However, this isn’t enough if a business can’t also be transparent about attacks. Therefore a data security and response plan is essential for any business. Remember, it’s best to always ensure you remain safe online.
