Businesses with revenues exceeding $50 million are 2.5 times more likely to face cyberattacks, according to a report published November 25. But SMEs are still at increased risk, because limited cybersecurity resources make them vulnerable to the escalating threat of supply chain attacks and industry-specific cyber exposure.
The Cyber Roundup Report by Cowbell, which sells cyber insurance to small and medium-sized enterprises (SMEs) and middle-market businesses, was based on a data set gathered over three years from more than 46 million SMEs across the U.S., U.K., and Japan.
Cowbell says that supply chain attacks have surged by 431% since 2021, indicating a growing vulnerability in interconnected business ecosystems. The manufacturing sector emerges as the most at-risk, because of the sector’s reliance on automation and the sensitivity of its intellectual property.
“The digital age has opened up some incredible avenues for business growth. But in the same breath, it’s also brought a complex set of cyber risks,” said founder and CEO Jack Kudale. “Across the board, we’re seeing cybercriminals capitalize on interconnectivity, automation, and emerging tools like AI to launch increasingly sophisticated attacks.”
