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While larger businesses may have the resources to withstand a cyberattack, many small and medium-sized businesses will be forced to close their doors due to not only the costs associated with the attack and the remediation but also due to the fatal damage their business reputation may suffer.
Cybercrime exploded in 2020 and while there were current laws and regulations addressing cybercrime, the government is beginning to impose stricter regulations on companies that handle sensitive data. The Cybersecurity Maturity Model Certification and the loT Cybersecurity Act were both introduced in 2020 to minimize risks but these regulations won’t fully be realized until 2022 and 2026.
The 2022 Verizon Business 2022 Data Breach Investigations Report (2022 DBIR) found that ransomware breaches increased by 13% in a single year which a greater than the past 5 years combined. Organized crime has also made its way into cybercrime as 4 to 5 breaches can be traced back to organized crime. As in the past year’s report, humans remain the weakest link in any organization’s cybersecurity defense accounting for 82% of analyzed breaches from the past year. Not only do organizations need to have good cybersecurity measures such as software and written guidelines but on-going employee training and education is a most. Cybercriminals are constantly improving their methods of attacks so organizations must be vigilant in having the latest tools, training, and education to protect themselves.