Small Businesses to loose $5.2 Trillion worldwide to Cyber Attacks

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A study carried out by Accenture says that small businesses are all set to lose $5.2 Trillion on a global note to cyber attacks within the next 5 years. The Ireland based Professional Services Company added in its report that the digital transformation has led to the loss of $200,000 on an average which might increase to a few hundred dollars in the current year.

Accenture’s security report says that over 43% of online attacks take place on small businesses every year and out of them only 7% of them are now capable to defend or mitigate cyber threats of high range. This gives us a feeling that companies are still not taking Cybersecurity on a serious note to make it a priority on their yearly budget.

In another survey carried out by Insurance company Hiscox; it was revealed that over 60% of businesses are estimated to fall out of business within six months of being victimized. Furthermore, it was revealed that more than half of all small businesses have suffered a breach within the last year and four in 12 have experienced several incidents in this 2019 alone so far.

“Attacks are getting automated; they are taking place at a faster pace and becoming more complex”, cautioned Justin Fier, Director of Cyber Intelligence and Analytics, Darktrace.

Holger Schulze, CEO, and founder of Cybersecurity Insiders suggests that the only way to deal with the situation for small companies is to maintain daily backups by duplicating data and files at regular intervals, installing and updating the anti-virus solution, threat monitoring solutions, firewalls, and encrypting data with strong algorithms.

At the same time, Schulze added that creating awareness about the current threat landscape by giving them regular training at every 90 days time frame and using multi-factor authentication while accessing sensitive info helps keep small businesses safe and secure from all range of cyber threats.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security