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Is Small Business Susceptible to Ransomware or Cyber Attacks?

The short answer is yes, unfortunately. Here are a few sobering statistics from Fundera that testify to this...

*43% of cyber attacks target small businesses.

*60% of small businesses that are victims of a cyber attack go out of business within six months.

*Cybercrime costs small and medium businesses more than $2.2 million a year.

*There was a 424% increase in new small business cyber breaches last year.

*66% of small businesses are concerned or extremely concerned about cybersecurity risk.

*47% of small businesses said they have no understanding of how to protect themselves against cyber attacks.

*14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective.

*Healthcare is the industry that’s most at-risk for cyber attacks.

So why would they bother to attack a small business? First and foremost, cyber criminals do not discriminate. Think about it, how hard is it to get into a large company verses a small business. Small business is an easy target. They typically do not have the cyber security resources that the larger companies have because they do not believe they are a target. That's not to say a large company is not vulnerable, they are, and you see it on the news every day! Yet a small business can be quite lucrative with a simple ransomware attack. I have a close friend that was hit with ransomware a few months ago. One person company! They opened an email that they should not have; that is how 70% of ransonware attacks occur. Next thing they knew their hard drive automatically encrypted and the attacker told them to pay $10,000 to get their drive unencrypted. They did not have the money so they had to wipe their drive and start all over. Fortunately he had a back up that was not infected. He lost a couple of days of productivity trying to restore his data and getting back as close to normal as possible, and he knew what he was doing. Many are not so fortunate.

Don't be fooled, if you have a busines and you are reading this, you are vulnerable. Take steps to protect your company. Reach out to a specialist who can help you. There are many resources out there and Genesis Business Advisors can help you figure you your best options. Reach out to us today, we would be glad to give you a free consultation and help you assess your options.

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