"It's a lot easier for professional cybercriminals to target a large number of smaller businesses," said Sam Shay, creative director of Socotra. "I think there's a perception gap there that insurance companies could be doing a better job of providing education around the real threat." (Credit: Seventyfour/Adobe Stock)
When business owners think about cyberattacks, they often picture high-profile data breaches, such as the most recent cyberattack on UnitedHealth's Change Healthcare.
These breaches make headlines because the ransoms demands are for millions of dollars, but the median cost of a cyberattack was just $18,000 two years ago, according to the 2022 Cyber Readiness Report by Hiscox. The report warned that threat actors are targeting more small- to mid-sized businesses.
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