Even microbusinesses are at high risk of cyberattacks

Date:
Thu, 04 Nov 2021 11:42:09 +0000

Description:
Microbusinesses lose $226 million on cybersecurity incidents in past year, report finds.

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Ransomware hitting multinational businesses may grab headlines, but doesnt mean microbusinesses arent as important of a target for criminals. In fact, a report from GoDaddy says many of the UKs smaller businesses were hit by ransomware over the last year, resulting in loss of funds and a negative impact on reputation.

Whats more - most microbusinesses have no protection deployed for their websites.

Polling 2,000 UK respondents for the report, the website builder found more than a third (34%) of UKs microbusinesses suffered a cybersecurity incident
in the past year, costing them roughly $226 million.

A quarter (24%) suffered financial losses, with a fifth (21%) losing more
than $1,300 in the process, and many saw their websites shut down, in some cases for as long as a week, and in 14% of cases, even longer. Reputational damage

Besides losing money, many firms worry about the reputational consequences of a data breach , and GoDaddy found that 15% of customers wouldnt shop with a breached business, while a further 47% said such an incident would negatively impact the likelihood to buy there again.

For many consumers, their opinion of a brand would diminish following a data breach, no matter how large and well-known it was, while a quarter (23%)
would even warn family and friends against buying there.

For Ben Law, Head of GoDaddy UK and Ireland, smaller businesses have a lot more to lose, as percentage-wise, the financial impact could be greater. With the right tools and solutions in place, its possible to further protect your online business and company and customer data, he said.

GoDaddys report also found that almost two-thirds (59%) of microbusinesses dont have any sort of protection for their websites, while a further 26% said they never bought, or researched, any website protection or security solutions.

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Link to news story: https://www.techradar.com/news/even-microbusinesses-are-at-high-risk-of-cybera ttacks/


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