According to a recent report by Cyfirma, cyber-attacks on small and medium-sized enterprises (SMEs) have increased over the past few months as larger organisations have become difficult targets as they enhanced their security protocols.
The report noted that SMEs emerged as an easy target during the Covid-19 pandemic and there was a 280 per cent increase in attacks directed at SMEs in the last 10 months.
While SMEs across sectors have been targeted, companies that are supply chain or distribution partners to large multinationals have been hit particularly hard, the report noted.
The repot highlighted that the lax approach to cyber security has translated into a slew of malware and ransomware attacks, with cyber criminals blocking access to data, hitting firms hard.
Further, as per Cyfirma estimates, social engineering attacks increased by nearly 200 per cent in the last ten months. Experts have also highlighted that the real challenge is often loss of access to data. This can be, in fact, a more pressing issue than the actual ransom, which can range from $1,000-$15,000.
