NEW YORK: 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 – which features 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 US$26,000.