The digital landscape offers many opportunities for businesses. However, it also creates a security disadvantage. Read more about small business cybersecurity below
Savvy hackers can easily disrupt your system, stealing sensitive data and even comprising your finances. They can also hold important data for ransom, demanding a huge sum of money and pausing your business duties until it’s paid.
This is why there’s such a need for small business cybersecurity. Has your business implemented a cybersecurity strategy?
Learn from past cyberattacks and understand why it’s vital you protect your business.
Here are 10 small business cybersecurity statistics to prove this.
1. In 2018, There Was a 424% Increase in New Small Business Breaches
While cybersecurity professionals do what they can to target cyberattacks, hackers stay a step ahead and create new attacks.
Businesses aren’t prepared and don’t know how to respond, often doing what the hackers say or accepting defeat.
Think your business won’t be a victim?
In 2018, hackers created new cyberattacks — so many that there was a 424% increase. Without a cybersecurity firm protecting you, you won’t know how to protect yourself from these new attacks.
2. 43% of Data Breaches Target Small Businesses
As a small business, you’re not boasting billions in sales like the bigger corporations. Why should you worry about cybersecurity?
Because almost half of all cyberattacks target small businesses.
Small businesses don’t have the necessary cyber protections set in place and generate a decent profit that attracts hackers.
In addition, lack of cyber or technical knowledge and no cybersecurity team is also a reason why small businesses are an easy target.
Another reason why hackers target small businesses because…
3. 54% of Small Businesses Believe They’re Too Small to Be Targets
While yes, small businesses don’t have the success and the funds that major corporations have. But that doesn’t mean they’re too small or not profitable enough to become the victim of a cyberattack.
In reality, no company is too small or too large to be a cyberattack victim. If a hacker can compromise your system and can profit from the attack, they will target your business.
4. The Average Cyber Attack Costs $3 Million
Does your business have $3 million to spare? Probably not, right? This is another reason to implement a cybersecurity strategy. The average attack sets back businesses by $3 million.
Not only that, but the cost keeps increasing. In 2019, the average cyberattack can cost as much as $4.6 million.
These figures go beyond the amount of ransom the hackers ask for or how much they can steal from your accounts. This amount also includes the cost of downtime, outages, lost data, repairs, lawsuits, and even non-compliance fines.
With that being said…
5. 83% of Small Businesses Lack the Funds Needed for a Cyberattack
Are you unable to afford a cyberattack? Don’t worry, you’re not the only one.
Actually, you’re in the majority group. Over 80% of small businesses don’t have the funds set aside for a cyberattack. Other businesses haven’t even considered additional costs aside from the ransom.
There are two courses of action you should take — 1. Set extra money aside for a possible attack and 2. Outsource your cybersecurity duties.
6. 1 in 323 Emails Are Malicious
How many emails do you receive daily? If you receive around 323 emails a day, that means you receive at least one malicious emails daily. Malware is a common way for hackers to compromise your system.
Not only that, but your employees are likely the main ones who will download or click malicious attachments and cause an infection.
Make sure you train employees on cybersecurity topics and never open or download any sketchy links or attachments.
Another reason you need to train your employees on cybersecurity is…
7. 60% of Small Businesses State Employee Negligence Is the Cause of Data Breaches
Opening a malicious email isn’t the only example of employee negligence.
Visiting a malicious website, opening a malicious link or attachment on social media, and failing to back up their personal data from the cloud are ways careless employees cause or make your organization prone to cyberattacks.
This is why over half of cyberattack victims state their employee’s negligence was the reason for an attack.
8. Businesses Experience At Least Eight Hours of Downtime During a Breach
Do you wonder how a security breach causes finance loss, even if you don’t pay the ransom?
Hackers are savvy enough to compromise your systems and cause downtime, even when your data is backed up. Downtime is expected to last at least eight hours, resulting in thousands of dollars worth in lost sales.
Fortunately, a powerful cybersecurity firm can get your business back on track quickly during a breach. Outsourcing is another helpful option because…
9. 62% of Small Businesses Lack Cybersecurity In-House Support
Cybersecurity requires a special set of knowledge and skills. Sure, you may have a tech team on staff. But there’s no guarantee they will be of assistance during a cyberattack.
According to Continuum’s 2019 report, over half of the small businesses don’t have the cybersecurity support in their office.
Outsourcing cybersecurity is more affordable and equally as effective. In addition, outsourcing your cybersecurity efforts can help protect you from an attack.
This is why…
10. 77% of Small Businesses Plan on Outsourcing Cybersecurity
With the statistics mentioned here, it’s no wonder why most small businesses plan on outsourcing their cybersecurity duties.
Most small businesses also plan on developing a cybersecurity strategy within five years. Some are already taking strides in cybersecurity protection and expect to be fully protected in a year.
Hackers and hacking methods change, and a cybersecurity professional team is the best source for protection. Will you outsource your cybersecurity?
Outsource Your Small Business Cybersecurity Today
Are you ready to implement a small business cybersecurity strategy? Don’t make any efforts without consulting the pros at FL Nerds first.
We offer cybersecurity and other IT services to Florida-based businesses. Contact us today to get started!