In 2023, security company BlackFog found that cybersecurity attacks successfully hit 61% of small and medium businesses within the past year. As many as 43% of all data breaches target small and midsized enterprises, probably because they are less likely to have robust IT and security teams. For small businesses, it is essential to understand what cybersecurity is, what it encapsulates, how to use it, possible cybersecurity compliance requirements, and the impact of cyberattacks.
You may have seen it in the news, but another major company has been a victim of a nasty ransomware attack that disrupted services and customers for over ten days. This time, the victim was MGM Resorts in Las Vegas.
What separates this major incident from others is that the hackers pulled the malicious attack off using one of the oldest tricks in the book: social engineering. So, what happened, and what can we learn from this?
Highly regulated industries, such as defense, pharmaceuticals, healthcare, education, and government, have incredibly stringent cybersecurity compliance requirements. This is for good reason — even a few minutes of downtime could be disastrous for companies in industries like healthcare and financial services, which could lose personal information, intellectual property, and revenue as a result of a breach.
Cybersecurity threats are rising as more businesses and organizations rely on technology and digital solutions. Cybersecurity incidents result in significant downtime, making a reliable cybersecurity strategy essential for businesses intolerant to downtime. Many businesses struggle to allocate their security resources for the most effective solution. Cyber risk assessments allow you to identify potential risks in your system to make necessary improvements and protect your data.
Increase your knowledge and awareness of this valuable cybersecurity tool for various industries.