Cyberattacks are on the rise, and that includes small businesses. Here’s what to know

By MAE ANDERSON
AP Business Writer

NEW YORK (AP) — Cyberattacks on businesses are rising, including small businesses. It’s a troubling trend because a breach can be very costly and time consuming if owners don’t have a plan to deal with one. According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack — a type of malicious software designed to block access to a computer system until a sum of money is paid — more than doubled over the past two years to $26,000. That’s partly because there has been a dramatic increase in ransomware attacks, which represent 24% of all breaches.