Small tech firms that aren't putting an emphasis on cybersecurity need to switch up their strategy after a recent report conducted by the Ponemon Institute and Radware - a provider of application delivery and application security solutions for virtual and cloud data centers - found distributed denial-of-service attacks, which are attempts to make a machine or network resource unavailable to its intended users, are occurring multiple times per year.
DDoS attacks happening more frequently
According to the research, 65 percent of organizations experienced an average of three DDoS attacks in the past year, and fewer than half of respondents said they were actively trying to prevent such attacks.
"The reality is that cyber threats are outpacing security professionals, leaving most organizations vulnerable and unprepared," said Avi Chesla, chief technology officer for Radware. "From hacktivists to cyber criminals, companies live under the constant threat of assaults that contribute to lost revenue and serious reputational damage."
Understanding the effects of DDoS attacks is the first step in properly protecting companies from this type of cybercrime. By purchasing a cyberliability insurance plan, firms that are subject to such attacks won't be held liable for the side effects that are a result of DDoS.
Firms must take appropriate action against DDoS
The report found DDoS attacks cost companies $3.5 million every year, and when firms experience these types of problems they are down for an average of 54 minutes per attack.
"It's critical that organizations take immediate action after reading this report," said Chesla. "IT managers have to advocate for a multi-layered approach that also takes in account counter-measures to prevent threats before they inflict significant damage."
Having a rogue device for nearly an hour can devastate a business and set the company behind in its operations. In fact, each minute of downtime can cost a firm to as much as $100,000 per minute - which it suffers from misplaced traffic, diminished end-user productivity and lost revenues.
"There is a frightening gap that exists between the increasing severity of cyber attacks and the level of preparedness that exists in the industry," said Larry Ponemon, chairman and founder of the Ponemon Institute.