Cyber incidents have surged among small businesses that do not have the resources to defend against devastating attacks like ransomware

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The increase in cyber incidents, especially sophisticated ransomware attacks, continues to challenge businesses in 2023. Many organizations are struggling to defend against these threats due to a lack of necessary resources. The cybersecurity landscape has evolved dramatically, rendering outdated security advice ineffective against current threats. For example, previous guidelines such as avoiding online shopping on public Wi-Fi, while relevant in the past, are insufficient to address the diverse and advanced threats that businesses face today.

In 2023, ransomware attacks, exploitation of vulnerabilities in public-facing applications, and the use of compromised credentials are among the top threats. In particular, groups like LockBit, ALPHV, Clop, and BianLian have been active in ransomware activities, and there's been a notable increase in extortion-based attacks where data is stolen and threatened to be leaked.

Additionally, the exploitation of older software vulnerabilities in common applications, as well as newly identified vulnerabilities like CVE-2023-0669 and CVE-2023-34362, pose significant risks. In response to this evolving threat environment, cybersecurity solutions like TrueSecure are focusing on providing customized and adaptive strategies.

These solutions are tailored to protect companies against not only current but also emerging threats by incorporating advanced threat detection, anomaly analysis, and automation in security processes.

References: 
https://www.isaca.org/resources/news-and-trends/industry-news/2023/an-executive-view-of-key-cybersecurity-trends-and-challenges-in-2023
https://www.securitymagazine.com/articles/98111-4-key-cybersecurity-threat-trends-in-2023
https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2024/m01/top-cyber-threats-from-23-and-beyond.html
https://blog.qualys.com/vulnerabilities-threat-research/2023/12/19/2023-threat-landscape-year-in-review-part-one

While 43% of cyber attacks are aimed at small businesses, only 14% are considered prepared, aware, and capable of defending their networks and data. (Accenture’s Cost of Cybercrime Study)

Additionally, as pointed out in Cybersecurity Magazine (Source):

  • 30% of small businesses view phishing as their biggest cyber threat

  • 83% of small and medium-sized businesses are not prepared to recover from the financial damages of a cyber attack

  • 91% of small businesses haven’t purchased cyber liability insurance, despite awareness of risk and the likelihood that they would be unable to recover from an attack

  • Only 14% of small businesses consider their cybersecurity posture as highly effective