Two years ago, Hiscox research claimed that a UK SMB was hacked every 19 seconds. Now, anti-fraud company SEON believes this figure has risen by at least 50 percent, resulting in more than 6,500 successful and preventable cyberattacks on SMBs every day.
For SEON, the coronavirus pandemic is the main culprit for this significant increase in the number of successful cyberattacks. The company described the shift to remote working as a “lifeline” for businesses, but added that the internet is for all intents and purposes cybercriminals’ home turf.
With significantly more organisations operating in the digital realm in order to remain afloat, many of which were ill-equipped for the shift, the risk of attack rose dramatically.
A big part of the problem, according to the report, is businesses implementing fraud prevention methods that are “unfit for purpose”.
“As the world has turned to online working, especially in the last three months, cybercriminals have also mobilised to take advantage of the situation. They are organised, intelligent and for them they are working in a trillion-dollar industry,” said Tamas Kadar, SEON Founder and CEO.
“To be secure it is important to fully understand the ever-changing threat and then protect ourselves against it. This requires a dynamic approach to fraud prevention and without radical change we may find ourselves losing the battle against fraud.”