Small and Medium Businesses are prime targets for hackers and scammers. The most common typed of threats (Email Compromise and Ransomware) are also the most common. We can help you reduce your risk with a full-featured cybersecurity program. 

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Breach Statistics

• 66% of SMBs report having had a breach in the last year2

  • 83% of those report that it isn’t their first breach1

• Typical cost of a breach is $4.35MM1 ($1.24MM for SMBs4).

• Ransomware attacks are up 350% vs two years ago4

  • ​Ransomware increased more in 2021 than the previous 5 years combined3

• Average ransomware payment in US: $812,360 (46% of victims pay ransoms)2

• 52% of successful breaches were against SMBs4

• 60% of SMBs fail within 6 months of a breach4

• Attackers spend an average of 277 days in a network before being discovered1

  • Breaches take 75 days to fully contain, on average1

• Use of AI-Based Security reduced breach cost by 65.2%, and time by 74 days, on average1

• Having a designated Incident Response team AND regularly-tested plan reduced breach costs by 58%1

• Quadruple-Extortion is the new standard for ransomware attacks4

  • Threat actors encrypt systems, launch DoS attacks, leak /sell data, and harass employees and customers

Mitigating Steps

• Implement industry standard security controls using a framework like NIST CSF, CISA’s CPGs, etc.

  • Pay particular attention to cloud services in your infrastructure.

• Use continuous security monitoring tools such as AI-Driven XDR/MDR, as this shortens detection time and remediation cost the most (65.2% lower breach cost and 74-day shorter breach lifecycle).2

• Have strong cyber insurance and be sure it covers incident response, ransom payments, and acts of war.

• Maintain “3-2-1” Backups of all critical data, including mailboxes and shared file repositories.

• Implement proper network segmentation and firewalling.

• Have and test an incident response team and incident response plan – this reduces overall breach costs by 58%.

What Should it Cost?

• Across all industries, average IT spending is as follows5:

  •  < $5MM Annual Revenue: 6.9-10% of revenue

  •  $5 – 20MM Annual Revenue: 4.1-8% of revenue

  •  > $20MM Annual Revenue: 3.2-6% of revenue

• If your organization is falling below the average, you may be underspending on IT and exposing your organization to higher risk, technical debt, and wasted labor due to degraded productivity.

 

 

1 Cost of a Data Breach Report 2022, IBM, 2022
2 The State of Ransomware 2022, Sophos, 2022

3 Data Breach Investigation Report 2022, Verizon, 2022
4 Cyber Security Statistics, PurpleSec, 2022

5 Average IT Budget by Company Size, Boardish, 2021