CyberNews Briefs

Small businesses underestimate financial damage of cyberattacks

70% of small to mid-sized businesses (SMBs) believe that losses from a successful cyberattack on their firm would not exceed $25,000, while over half think total damages would remain under $10,000, a new AppRiver survey shows. This implies that small business owners are grossly underestimating the amount of money they may lose after a cyberattack, because Kaspersky research indicates that breach costs in North America average $149,000 per incident.

The study also found that while over 70% of SMBs were targeted in a phishing campaign in the last three months, a mere 38% protect themselves by installing security patches as soon as they are available. According to Geoff Bibby of AppRiver, the survey reveals “fatalism and a false sense of security” as common attitudes among business owners, both of which “are signs that they need more straightforward education and awareness,” instead of fear-based messages.

Read more: Small businesses underestimate financial damage of cyberattacks

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.