Many small businesses underestimate the potential for cyber risk and have inadequate coverage (or none at all) to protect them from cyberattacks. Ransomware attacks are on the rise and are a serious threat to the nation’s economy, infrastructure and national security. In 2020, the estimated cost of ransomware attacks on both public and private institutions in the U.S. was $19.5 billion, according to a report by the U.S. House Committee on Oversight and Reform. The average cost of a data breach, IBM Security reports, increased from $3.86 million to $4.24 million from 2020-2021.
How small businesses can protect against cyber warfare
