Strategy, Threat intelligence

Rising cyberattack costs could be death sentence for SMBs

August 5, 2021
Most small and medium-sized businesses hit by cyberattacks may have to cease operations as they struggle to keep up with rising costs, with data breaches now averaging $3.56 million and average ransomware payments exceeding $100,000, according to an Acronis study reported by TechRadar. Acronis also said that SMBs, which lack in-house resources to address cybersecurity incidents, are vulnerable to having major disruptions in the event of a breach attacking their service providers. "Unlike larger corporations, small and medium-sized companies don't have the money, resources, or staffing expertise needed to counter today's threats. That's why they turn to IT service providers — but if those service providers are compromised, those SMBs are at the mercy of the attackers," said Acronis Vice President of Cyber Protection Research Candid Wüest. SMBs should focus on ensuring security among its employees to curb cyberattacks, said Acronis, which cited a 62% increase in phishing emails between the first and second quarter of 2021.
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