Twenty-twenty saw an enormous jump in cybercrime, largely due to the sudden surge in remote work. As 70% of Americans found themselves suddenly working from home, cybercriminals found themselves suddenly having a field day with a lack of security. IT departments were unable to keep a birds-eye view of all the security threats as they were no longer connected to each employee and their devices. The result is that ransomware attacks rose by 50%, meaning these attacks occur once every 10 seconds.
Small to midsize businesses have serious cause for concern as 45% of them do not believe their security measures are able to protect them against ransomware attacks. In the past years, 66% of SMB’s have experienced such attacks and 60% of them go out of business within 6 months of a data breach. The cost of their budgets, productivity, and reputations is simply more than they can handle.
SMB’s may be wise to invest in cyber insurance. It’s the newest trend in cyber protection and it can help businesses recover their losses and get back on their feet.