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The Harsh Cyber Reality Facing SMBs

Stroz Friedberg is a specialized risk management firm built to help clients solve the complex challenges prevalent in today’s digital, connected, and regulated business world

Since 2016, searches for ‘ransomware’ have increased 877 percent, and ransomware payments have become a multi-million-dollar business, according to Google. More and more hackers are targeting small to midsized businesses (SMBs) more frequently than large enterprises, but many don’t have the right tools to protect themselves, or realize the risks.

According to the SEC, 60 percent of SMBs who suffer a cyber-attack go out of business within six months. Why? For many SMBs it may seem cheaper to pay a ransom than to invest in sufficient cyber protections or, after an attack, conduct a post-breach assessment. Proactive preparation for the technical and financial impact of an attack is the best defense.

Jason Hogg, CEO, Aon Cyber Solutions, sat down with Inside Counsel to discuss what SMBs should be doing to protect themselves and their bottom line, as well as provide cost-effective best practices for businesses looking to address the risk before they become the next victim.

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