**Updated on 02/24/20 to reflect 2020 trends
Seeing the current stats available on cybersecurity and its relationship with small business can be alarming and sow a bit of fear in owners. Being aware of the risks your business faces if you fall behind helps to understand how and why it’s important to protect your business’s data and customers.
We’ve collected 10 small business cybersecurity statistics that you need to know to keep your business safe.
1. 43% of cyber attacks target small business. – Small Business Trends
Just a few years ago this number was around 18% and has continued to grow. Typically, small businesses are targeted because they lack the resources to protect against cyber attacks compared to larger businesses. It requires a higher percentage of their money and time to stay up to date and protect against cyber criminals’ tactics.
2. While many small businesses are concerned about cyber attacks (58%), more than half (51%) are not allocating any budget at all to risk mitigation.
Protecting company records, finances and customer data isn’t a new concept to business owners, but why companies don’t allocate budget to risk mitigation or cyber protection is surprising. Some even say that they don’t feel they store sensitive data. It’s important to remember that just because you don’t store someone’s credit card info doesn’t mean you aren’t storing their sensitive data. Emails, addresses, phone numbers, age, occupation and employer information all fall under this category and have significant value.
3. 48% of data security breaches are caused by acts of malicious intent. Human error or system failure account for the rest.
Small businesses are run by a few people, most often the employee that controls the money and or security of the business is the person targeted. Phishing emails, social engineering and fake support calls are just a few tactics cyber criminals employ.
The other half of security breaches are the result of human error or system failure due to outdated or incorrectly maintained systems.
4. Small businesses reported that only 38% regularly upgrade software solutions. – Huffpost
Security technologies are evolving quickly and each year there are more powerful options for small businesses to implement. For this reason, enlisting third-party services to monitor business information may be a necessary approach to keeping data safe.
5. Only 14% of small businesses rate their ability to mitigate cyber risks, vulnerabilities and attacks as highly effective. – Keeper Security
The weakest links often found when a company’s security measures are tested are the employees. Small businesses that feel they are effective at reducing security risks attribute their success to training and strict policies regarding password protection, access protocols, and device use.
6. If a company has a password policy, 65% of respondents say they do not strictly enforce it. – Small Business Trends
Passwords are your #1 defense against cyber attacks. Unfortunately, just having a password doesn’t mean your data is secure. A good password should be complex, and even more important is correctly storing your passwords. We don’t expect you to remember 15 different passwords throughout your day. Our blog article Password Management 101 teaches you the aspects of secure passwords and how to store them.
7. 67% of respondents say their companies have experienced a cyber attack in the past 12 months.
The frequency and sophistication of these attacks continues to increase year-over-year. Since 2017, there’s been nearly a 7% increase in the number of cyber attacks on SMBs. Overall, these attacks lead to an average cost of $955,429 in disruption to daily operations.
8. 16% of respondents admitted that they had only reviewed their cybersecurity posture after they were hit by an attack.
Mitigating risk prior to an attack can be done many ways, often the simplest is running a check regularly to look for gaps in your security. If an attack does occur, being able to trace back to the point of an attack can help your company understand exactly where security improvements must be made.
9. 83% of small businesses haven’t put cash aside for dealing with a cyber attack.
Putting aside funds to plan ahead for security upgrades can allow your business to react quickly to attacks and not fall behind when new technologies emerge.
10. 60% of small companies go out of business within six months of a cyber attack.
Don’t let this be you. Putting your customers in danger is sure to cause your business problems and could lead to a major disruption.
While SMBs have taken a stronghold on the majority of US sales, there is no denying that the resources of an SMB aren’t the same as those of their large, big box counterparts. Bigger stores often have on-site support, strong security measures, and heftier cybersecurity insurance. It’s hard for SMBs to contend with it all. That’s where Friendly PC comes in. We can offer small businesses peace of mind with:
- Same Day Service
- Onsite Repair
- Software Support and Upgrades
- Server Hardware Support and Setup
- Remote Support
- Data Backup and Recovery Solutions
- Hardware Upgrade Solutions
- Virus and Spyware Removal
- Wired and Wireless Networking
- Custom Built Business-Class Servers, Desktops and Laptops
- Service Contracts
- Remote Maintenance and Monitoring Plans
- Free Network Evaluations
When a small business is facing computer repair issues, it can be crippling — basically business comes to a crashing halt. Friendly PC is there when and where you need us. We can offer remote cloud care, we can show up to your office, or you can come into the store anytime. Find out more about our services here.