Seeing the current stats available on cybersecurity and small businesses can be alarming and sow a bit of fear in owners. Being aware of the risks your business faces if you fall behind helps many small business owners understand how and why it’s important to protect your business’s data and customers.
We’ve collected 8 small business cybersecurity statistics that you need to know to keep your business safe.
1. 43% of cyber attacks target small businesses. And 61% of small businesses have experienced a cyber attack.
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 and budget 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. A benchmark study by CISCO found that 40% of the small businesses that faced a severe cyber attack experienced at least eight hours of downtime. This downtime accounts for a major portion of the overall cost of a security breach.
Not only do most small businesses not have the budget to keep themselves secure against cyberattacks, when they do happen, but they can also cost the company even more money than the protection would have cost them in the first place. Eight hours of downtime may not seem like a lot to the average person, but to a small business owner, it can be a world of difference.
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The other half of security breaches are the result of human error or system failure due to outdated or incorrectly maintained systems.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. Business email compromise rose by 14% overall in the pandemic and up to 80% in some sectors.
With the COVID-19 pandemic, it is no surprise to see an uptick in cyber security attacks. The more time people spend online, the more often things like this will happen. Since the beginning of the pandemic in 2020, email compromise has seen a huge increase in risk. Think about the number of emails you send and receive in a day, would you be able to spot ones that could end up compromising you or your business?
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. Cybercrime, which includes everything from theft or embezzlement to data hacking and destruction, is up 600% as a result of the COVID-19 pandemic.
As mentioned earlier, it is no surprise that cybercrime is on the rise. What is surprising is that it is up almost 600%. This means that a majority of businesses, no matter the size, are likely to be involved in some sort of cyber security crime at some point.
7. 67% of respondents say their companies have experienced a cyber attack in the past 12 months (2020).
The frequency and sophistication of these attacks continue to increase year over year. Since 2017, there’s been nearly a 7% increase in the number of cyberattacks on SMBs. Overall, these attacks lead to an average cost of $955,429 in disruption to daily operations.
8. 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.