The Newsletter for Ready Rating Members
Cybercriminals - A New Kind of Enemy
While the news is filed with reports of cyber incidents involving large organizations, the number of small and mid-sized businesses targeted by criminals is growing. A 2018 Verizon survey uncovered over 53,000 cyber-events and 2,200 successful data breach events. In 58% of the cases, the victims of these attacks were characterized as small businesses.
The actual number of incidents might be much larger since many attacks on small businesses go unreported. A study commissioned by the Hiscock Insurance Company and conducted by Forrester Research found that 47% of small businesses suffered at least one cyber-attack in the past year.
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A similar study by Small Biz Trends indicates that small and mid-sized companies are now the target of 43% of cyber intrusions. Unfortunately, 60% of the organizations that suffer a severe attack failed within six months.