We’ve all heard of the most recent cyber attacks; Ashley Madison, David Jones and K-mart to name a few. What many people haven’t heard is that in 2014, 60% of targeted attacks hit small and medium businesses1.
So why don’t we hear about the smaller scale incidents? In Australia, it’s not mandatory to report cyber attacks. To avoid reputational tarnish, customer dissatisfaction and the chance of repeat attack, it’s no surprise that most businesses choose to stay quiet.
Not only does being a small or medium business make you a greater target, the consequence is also greater than that of a large enterprise. According to research from the Ponemon Institute2, the cost of a cyber attack costs SMEs $755 per capita, more than double the $282 per capita that larger organisations get struck with. And according to a different study3, 60% of small organisations go out of business within 6 months of a data breach.