Small Business Cyber Security Statistics You Need To Know
Statistics on cyber security are surprisingly relevant for small enterprises. Unfortunately, small business cyber security companies are frequently targeted for cybercrime. It is because these companies handle sensitive consumer information.
Consequently, reading up on small company cyber security statistics may help you acquire a sense of the situation. A business cannot be conducted offline in the twenty-first century. Everything from advertising to accountancy benefits in some way. And shape or form from the internet. The dark underbelly of the internet on the other hand manifests itself in the form of cyber assaults on businesses.
43% Of Cyber Attacks Target Small Businesses
Surprisingly 43 percent of cyber assaults are directed at small enterprises. And this figure has significantly climbed as it was just 18% a few years ago.
Bigger organizations devote more resources to and become more knowledgeable about cyber security now. So, cybercriminals appear to be shifting their focus to smaller enterprises as a result.
Because they are most commonly seeking a company's money, they usually target the individual in charge of its finances.
“If a cyber thief successfully hacks your small business's data, then your company will likely have to close in 6 months”
A Majority Of Small Ventures That Fall Victim Of A Cyber Breach Lose Business In Half A Year
60% of small enterprises that experience a cyber assault fail within 6 months according to the US National Cyber Security Alliance.
If a cyber thief successfully hacks your small business's data, then your company will likely have to close in 6 months.
Unfortunately, most small enterprises are unable to raise the necessary money.
Cybercrime Costs Small And Medium Businesses More Than $2.2 Million A Year
Cybercrime costs small and medium-sized enterprises more than $2.2 million every year.
These expenses might result from various catastrophes that occur due to a cyber assault or vulnerability. Not the least of which is downtime.
A 424% Increase In New Small Business Cyber Breaches Was Seen Last Year
Last year, cyber assaults on small enterprises increased by 424 percent. This indicates that small business cyber breaches increased more than fivefold last year compared to the prior year.
Cybercriminals appear to be targeting small firms in droves. It's easy to understand why cyber thieves would target larger organizations since more consumer data and revenue means more money right? But unfortunately, this does not appear to be the case.
The Healthcare Industry Is At High Risk For Cyber Attacks
You would imagine that banks, lenders and credit card networks are the most vulnerable to cyber assaults. Surprisingly healthcare outperforms financial services as the industry is most vulnerable to cyber threats.
There were 100 million cyber breaches in the healthcare sector in only one year. However financial services ranked second in vulnerability to cyber assaults. Followed by the industrial, government and legal sectors.
66% Of Small Businesses Are Concerned Or Extremely Concerned About Cyber Security Risk
According to a Hiscox survey 66 percent of small firms are concerned or highly concerned about cyber security risks.
It's not surprising that two thirds of small company owners are concerned. We hope that the remaining third find their way to our website.
Small business cyber security is important as shown by the statistics.
14% Of Small Businesses Believe Their Ability To Deal With Cyber Risks And Attacks As Highly Effective
According to Small Business Trends, just 14% of small firms consider their ability to handle cyber threats and assaults extremely successful.
Small firms frequently underestimate the risk of a cyber-attack. As a result, they do not give much attention to establishing systems to safeguard it.
47% Small Businesses Don't Have An Understanding Of How To Protect Themselves From Cyber Attacks
Only some small firms know where to begin when it comes to establishing cyber security standards. Forty seven percent of small firms claim they don't know how to protect themselves against cyber threats. Although a lack of money contributes to small firms being less prepared for cyber assaults a lack of information also plays a role.
66% Of Small Businesses Are Most Concerned About Compromising Customer Data
Small companies are most concerned about compromising customer records. When asked to choose between two options 66 percent of small company owners said customer recorders were their top concern.
This was followed by 49% for intellectual property, 46% for customer credit or debit card information, 26% for financial information, 8% for employee data, 5% for business communication and 1% for other.
“Small firms claim that they prioritize cyber security and have the resources but could not find a suitable person to perform the task”
3 Out Of 4 Small Businesses Say They Don’t Have The Personnel To Address IT Security
According to Ninja RMM three out of four small firms lack the necessary staff to address IT security.
This is the most common source of frustration for firms attempting to implement a cyber security system.
Small firms claim that they prioritize cyber security and have the resources but could not find a suitable person to perform the task.
22% Small Businesses Protect Their Database
Only 22% of small firms protect their databases using encryption. Unencrypted data is incredibly easy to obtain. So why is it that fewer than a quarter of small enterprises encrypt their data?
It's likely due to the same reasons that small organizations don't prioritize cyber security in general. They don't have the know-how. And they don't have the means to learn or pay someone who does.
System Failure and Human Error Make Up 52% Security Breaches
More than half of all cyber security breaches result from human mistakes or system failure. Despite popular depictions of cyber breaches resulting from some masked criminal attempting to hack into corporate records. And only 48% of all data security breaches are malicious. So, while you should not dismiss the risk of a hostile breach you should also strengthen your cyber security protocols. Especially for your systems and staff.
“Simply taking the effort to establish best practices for passwords in your firm might save your company a six-figure unplanned expenditure in the future”
63% Of Breaches Leverage A Weak, Default Or Stolen Password
Data breaches whether intentional or not are typically the result of poor password security. According to Security Intelligence weak, default, or stolen passwords are used in 63% of reported breaches.
Better passwords might have avoided around two-thirds of data breaches. Avoid using team-wide passwords and enforce strong password policies. Plus establish password documentation guidelines.
Cyber Attacks Because Of Compromised Employee Passwords Cost Almost $400k On Average
Cyber assaults triggered by stolen employee passwords cost businesses an average of $383,365. This expense is especially avoided because password security demands a time commitment rather than money expenditure.
Simply taking the effort to establish best practices for passwords in your firm might save your company a six-figure unplanned expenditure in the future.
1 In 323 Emails Sent To Small Businesses Are Malicious
This may not seem like much but consider how many emails you receive in a week. A typical office worker receives 121 emails every day.
And if you operate a small firm you're probably getting much more than that. That implies you're probably getting more than one harmful email from a cybercriminal every three days.
Most Small Businesses Get 94% Of Their Detected Malware via Email.
According to the findings of a Verizon investigation, the average small business received 94 percent of its identified malware via email.
Forty five percent of discovered malware in emails were transmitted via an Office document file to the average small firm. While 26 percent were sent via a Windows App file.
Unsolicited emails must keep you and your staff on your toes.
54% Of Small Businesses Think They’re Too Small For A Cyber Attack
The majority do not believe they are large enough to target a cyber assault.
But most of the cyber security statistics we've highlighted show that "too small" isn't a factor for cybercriminals.
Small Business Cyber Security Statistics: The Bottom Line
These small company cyber security statistics can help you comprehend the realities of cybercrime. Though these figures aren't exactly uplifting they reflect the reality of owning a small business.
Make sure to invest in cyber security for your small business so that you don't become just another intimidating number in the great scheme of small business cybercrime.