Protecting Your Business from Cyberattacks: Prioritizing Prevention and Response Strategies

Small businesses are increasingly becoming the target of cyberattacks, leading to concerns about the costly and time-consuming nature of dealing with a breach without a proper response plan in place. According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack has more than doubled in the past two years, now standing at $26,000. This increase is largely due to the significant rise in ransomware attacks, which now make up 24% of all breaches.

To prevent cyberattacks, small businesses must prioritize proactive measures. Since human error is responsible for 74% of breaches, business owners should ensure that all employees use security measures such as two-factor identification to increase protection against hacking. Regularly updating passwords can also help strengthen security measures.

In the event of a breach, it is advisable to work with a cybersecurity expert within the company or a trusted third party to assess the situation and determine the extent of the damage. Attempting to contain the breach without necessary technical expertise can potentially exacerbate the issue. Additionally, it is essential to report any cyberattacks to federal authorities within 72 hours of becoming aware of the breach.

By implementing preventative measures, having a response plan in place, and seeking expert assistance when needed, small businesses can minimize the impact of cyber threats and safeguard their operations.