Secured integration to the future

Secured integration to the future

Cybercriminals are changing their tactics

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29.01.2024
Cybercriminals are changing their tactics. Small businesses and individual entrepreneurs are now being attacked. However, until 2020, there was a tendency to attack primarily large companies. The report shows that 73% of small and medium-sized business owners have experienced a data breach or fraud in the past 12 months.
At the time of the report's publication in October, more than 2,100 data breaches were reported in 2023, significantly exceeding the previous annual record of 1,862.
● In 2023, 85% of respondents said they were ready to respond to cyberattacks, up from 70% last year.● Employee and customer data remain the most vulnerable categories of information to data breaches.● The central targets/causes of breaches in 2023 are external attackers (30%), employees (30%), third-party vendors (24%), and remote workers (21%).● Financial losses from cyberattacks on small and medium-sized enterprises most often (47%) reach up to $250,000. 26% said their losses amounted from $250,000 to $500,000, and 13% reported more than $500,000 losses.● Cyber insurance has become the primary funding source for recovery from cyber attacks. Cash reserves are in second place.● 83% of organizations that experienced a data breach sent notifications to their consumers. The most common reason for delaying or not publishing a data breach notification was a request from law enforcement (50%). In 38% of cases, the reason was the conclusion that no personal information had been exposed, and in 21% of cases, the organization determined that there was no risk of harm from the type of data that had been compromised.● As the number of organizations reporting data breaches has increased, so has the supply of data recovery services. For example, credit monitoring (44%), paid identity recovery services (47%), and access to free services through non-profit organizations (47%).● As a result of cyber incidents, 42% of organizations reported revenue losses, 32% reported a loss of customer confidence, and increased employee turnover.● 50% of companies reported taking measures to prevent future breaches, including 65% of new training for IT and non-IT staff and 53% of new security tools.● Most SMBs do not use tools such as multi-factor authentication (MFA) for employees or customers, mandatory strong passwords, or role-based access for employees to access sensitive data. Depending on the tool, adoption rates range from 34% to 20%.
As technologies evolve and the number of cyberattacks increases, SMBS needs to learn from the past and remain vigilant in the present. Studying past data breaches allows you to identify vulnerabilities, assess patterns, and implement more robust security measures. Real-time alerts enable rapid response, allowing companies to mitigate risks and protect sensitive information.
Source: https://www.idtheftcenter.org/wp-content/uploads/2023/10/ITRC_2023-Business-Impact-Report_V2.1-3.pdf