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CTN Solutions has been serving the greater Philadelphia area since 1997, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

Cybersecurity Risk Management and the Need for Small Businesses to have Cyber Insurance

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More than 70 percent of cyberattacks target businesses with less than 100 employees, and a recent report said that 60 percent of small businesses affected by ransomware went bankrupt within six months. Couple this information with information from Cybersecurity Ventures stating that, heading into 2021, businesses will suffer a ransomware attack every 11 seconds and cyberattacks will cost $6 trillion annually, and the FBI reports that digital crime increased 75% between March and June of 2020. These numbers are quite staggering, especially as many small businesses have undergone sudden transformations into remote work environments necessitated by COVID-19, however, most are not equipped to manage the security, risk, and technology demands that arise with work-from-home employees.

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