Small business owners face escalating cyber threats, as the global landscape witnesses a surge in cyberattacks, more sophisticated attack methods, and rising data breach costs. This means more than 70% of UK reseller businesses could be at risk.
CREDIT: This is an edited version of an article that originally appeared on AAG
Recent years have seen a dramatic increase in global cyber threats. The COVID-19 pandemic presented an opportunity for cybercriminals to exploit businesses’ remote work environments with 2020 recording a shocking 358% rise in malware attacks compared to the previous year. This surge continued into 2021, with cyberattacks spiking by 125%.
Persistent threat: Phishing
Phishing attacks remain a common online crime, with a staggering 323,972 internet users falling victim in 2021, highlighting that half of data breach victims succumbed to phishing attempts. The pandemic’s height saw a 220% surge in phishing incidents. In 2021, nearly one billion exposed emails impacted one in five internet users, which might explain the continuous prevalence of phishing attacks.
Rising data breach costs
The rate and cost of data breaches are also increasing. Since 2001, the number of hourly data breach victims surged from six to 97, marking a 1517% increase over two decades. The pandemic played a significant role, with 2019 cybercrime statistics reporting 53 hourly victims, rising to 90 in 2020, a 69% increase.
The average cost of data breaches per hour globally also surged. In 2001, the hourly cost per individual was £1673, reaching £641,715 by 2021. For businesses, data breaches have become more costly.
Small businesses respond to the threat
The escalating cyber threat landscape has prompted a greater focus on cyber security among small and medium-sized businesses (SMBs). A remarkable 73% of SMBs now recognise the need to address cyber security concerns, with 78% planning to increase their investment in this area over the next year.
However, a concerning 67% of SMBs feel ill-equipped to handle data breaches internally. To address this challenge, an increasing number of SMBs are partnering with Managed Service Providers (MSPs) for cyber security. As of 2022, 89% of SMBs have engaged MSPs, a significant rise from the 74% recorded in 2020.
Key Trends of 2022
Supply chain attacks
Supply chains’ increasing complexity and interconnection present new risks, especially when businesses within the chain lack adequate protection. Cybercriminals target these vulnerabilities, with up to 40% of cyber threats originating indirectly through the supply chain.
Internet of things (IoT) vulnerabilities
IoT devices, often autonomous, have become attractive targets due to the valuable data they hold. Devices with inadequate security measures are particularly vulnerable to exploitation.
The human element vulnerabilities
Human elements remain a critical vulnerability for both businesses and individuals, with 82% of breaches involving human factors like errors and social engineering. Phishing attacks serve as gateways for more destructive attacks like ransomware.
Cybercrime on social media
Social media’s growth in recent years has provided new avenues for cybercriminals to launch attacks. In 2022, malicious iOS and Android apps targeted mobile users to steal their login credentials.
The Growing cost of cybercrime
With increasingly sophisticated attack methods, organisations worldwide invest in advanced security measures, training, and dedicated cyber security personnel. It is predicted that cybercrime cost the global economy around $7 trillion in 2022, with forecasts indicating this figure could rise to $10.5 trillion by 2025.
As the global cyber threat landscape becomes increasingly treacherous, small business owners must remain vigilant and proactive in safeguarding their organisations. The cost and complexity of data breaches are on the rise, making effective cyber security measures a critical priority for the survival of small businesses in the face of relentless cyber threats.
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