SMEs are the new targets for CyberCriminals
06 Mar 2024
Theatre 2 MI
Unravel the critical situation small and medium-sized enterprises (SMEs) face amidst the rising tide of cyber threats. We’ll explore why SMEs, often less defended, are lucrative targets due to the valuable data they hold. The session will cover startling statistics, such as 61% of SMEs being hit by a successful cyberattack in the past year, and a staggering 43% of all data breaches targeting them. We’ll discuss the prevalence of ransomware and social engineering attacks highlighting the urgent need for robust risk management strategies. SMEs face rising cyber threats, that often lead to legal and financial repercussions especially from data breaches. The average cost of a breach has reached an all-time high of USD 4.45 million, with the U.S. recording the highest average cost at USD 9.48 million. Organizations often take over 200 days to identify and contain a breach, significantly impacting operations and costs. The legal landscape further complicates recovery, with regulatory fines, litigation, and compliance obligations adding layers of complexity. That is why it is not a matter of “if” you experience a data security incident, but rather “when”. We’ll discuss strategies to mitigate these risks, emphasizing the importance of incident response planning, employee training, and leveraging technology. By understanding these vulnerabilities and the cost of breaches—averaging over $3M per incident—participants will gain invaluable insights into fortifying their defenses and managing cyber risks effectively in an increasingly hostile digital landscape.