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Impact of Cyberattacks on SMBs in US from Past Year

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According to a recent report, a majority of SMBs based in US have experienced cyberattacks from past one year. Read on to know more…

According to a recent report, a majority of Small and Medium-sized Businesses (SMBs) based in US have become favorite attack targets for cybercriminals. According to the latest study released by the Ponemon Institute and conducted on behalf of Keeper Security, 76 percent of SMBs based in United States have experienced cyberattacks in past 12 months. According to the report called ‘2019 Global State of SMB Cybersecurity’, the research finding underscores a broader trend of growing cyber incidents at SMBs over the last 3 years.

Basic improvements to security hygiene and posture can be the most effective weapons available to fight cyberattackers, and when it comes to SMBs, closing potential attack avenues — such as the use of insecure devices, patching, and enforcing constant credential changes — can make all the difference.

Statistics
The research is based on responses gathered from over 2,300 participants in the IT and cybersecurity industry based in the US, UK, and various other countries. In total, 63 percent of organizations reported the loss of sensitive corporate or customer information in the past 12 months. This figure rose to 69 percent in the US, an increase from 50 percent four years ago.

Last year, 63% of SMBs across the globe lost sensitive business or user data. In the US, the number was 69%. Almost half (45%) of survey respondents acknowledged taht their cybersecurity program was “ineffective,” while 39% stated that their firm lacked an incident response strategy, which means that if the organization is targeted by threat actors, people have to improvise how to handle the attack.

Impact
According to the report, attackers waged a variety of attacks against small and medium-sized businesses. This included phishing (57 percent), compromised or stolen devices (33 percent) and credential theft (30 percent). The most common forms of cyberattacks SMBs currently face are phishing, compromised or stolen devices, and credential theft.

The study noted that SMBs globally are adopting emerging technologies like mobile devices, IoT and biometrics. However, they lack the right security posture to protect their sensitive information. In the era of the Bring-Your-Own-Device (BYOD) scheme, the study highlights that nearly 48 percent of respondents admitted to accessing business-critical applications from mobile devices despite approximately the same number of people saying this impacts the security of their businesses. Smaller companies choose not to invest in handsets for employees that can be ringfenced securely and monitored for suspicious behavior. The report states that small businesses investing more in cybersecurity vendors and solutions does not necessarily mean that businesses are protecting themselves.

Future Course
Hiring cybersecurity vendors and purchasing antivirus solutions is not enough for businesses to protect themselves. The organizations, especially SMBs, should also make basic improvements to security hygiene and posture with effective weapons to fight cyberattacks.

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