Cybersecurity Crisis: Small Firms Rank Attacks as the Greatest Business Risk

As a result of the rapid development of generative artificial intelligence, cyberattackers will likely have the upper hand in the short to medium term, compounding the long-term increase in cybersecurity risks for businesses, according to a report published by Moody’s Investors Service. Based on University of Maryland data, the rating firm said cyberattacks rose by 26% per year between 2017 and 2023. 

According to Moody’s, ransomware payments worldwide for the past year exceeded $1 billion, according to Chainanalysis, a cybersecurity firm. It has been reported that 23 per cent of small businesses are very prepared for cyberattacks, while half are considered somewhat prepared, according to a survey conducted by the U.S. Chamber and MetLife from Jan. 26 to Feb. 12, citing 750 small business owners. 

Even though small businesses in professional services are significantly more concerned about cyber security threats than those in manufacturing and services, the Chamber of Commerce and MetLife report that the industry is also better prepared to deal with these threats than those in manufacturing and services. 

As a result, the U.S. Chamber and MetLife survey found that small businesses in manufacturing and retail are most concerned about a supply chain breakdown, even though only about three out of five are prepared to handle one, according to the survey. A survey by the U.S. Chamber and MetL

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