Small businesses underestimate financial damage of cyberattacks – TechRepublic

https://www.techrepublic.com/article/small-businesses-underestimate-financial-damage-of-cyberattacks/

AppRiver noted that according to Kaspersky, the average cost of a breach in North America is $149,000. Costs associated with data breaches usually include damages, data retrieval, system repairs and upgrades, lost businesses, potential ransom payment, PR and damage control, potential lawsuits and compensation to customers.

 

Nearly 70% of those surveyed thought they would lose less than $25,000 in the event of a successful cyberattack while more than half said they would lose less than $10,000 in damages.

 

In AppRiver’s Q3 Cyberthreat Index for Business Survey, the company spoke with 1,083 executives and cybersecurity decision-makers at small and medium-sized companies across the US.

 

Small and medium-sized businesses are severely underestimating the financial burden associated with a cyberattack, according to a new survey from cloud security firm AppRiver.

 

The average breach causes an average of $149,000 in damages, yet most small-to-medium-sized businesses thought cyberattacks would cost them under $10,000, survey reports.

 

 

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