The realm of cybersecurity poses considerable challenges for small businesses, as they often struggle to allocate sufficient resources for robust protection.
Small Business Cybersecurity Statistics highlight the precarious nature of their position, as they frequently lack the resources to implement comprehensive protection measures, as noted by Michael Kaiser, Executive Director of the National Cyber Security Alliance.
This vulnerability attracts cybercriminals, with small businesses being the target of 43% of cyberattacks.
The repercussions are severe, as 60% of these affected businesses are forced to shut down within six months of an attack, emphasizing the critical importance of cybersecurity for small enterprises.
We’ll take a look at what percentage of small businesses are hit by all cyber attacks and some of the small business cyber attack statistics in general, as well as the most common types of attacks and how to prevent them.
Small Business Cyber Security Statistics: Key Findings
- Cybercrime increased by 600% due to COVID-19 pandemic.
- 61% of all cyberattacks are aimed at small businesses.
- 47.63% of small businesses are hit by cyberattacks.
- 95% of cybersecurity incidents at small and medium-sized businesses cost between $826 and $653,587.
- 70% of small businesses are unprepared to deal with a cyberattack.
- Nearly 40% of small businesses reported data loss due to a cyberattack
- 95% of cybersecurity breaches are attributed to human error.
- 3 out of 4 small businesses say they don’t have sufficient personnel to address IT security.
- 66% of small businesses are very concerned about cyber security risks.
- 51% of small businesses say they are not allocating any budget to cyber security
- 34% of businesses that were hit with malware could not get back to their data for a week or more.
- Over 700,000 small businesses were attacked in 2020, costing $2.8 billion.
What Percentage Of Small Businesses Are Hit By All Cyber Attacks
So, what percentage of cyber attacks are on small businesses?
On average, 47.63% of small businesses are hit by cyber attacks according to the data we gather from Firewall Times, Advisorsmith, IBM, Cybersecurity-Magazine, 360 coverage pros, SecurityMagazine, and Tripwire. Out of the companies that are impacted, nearly 60% of the business goes out of the business within six months.
This is why it’s so important for small businesses to have an effective cybersecurity plan in place. By implementing measures such as firewalls, antivirus software, and employee training, you can significantly reduce your risk of being breached.
What Percentage Of Cyber Attacks Are Aimed At Small Businesses?
According to Symantec’s “Internet Security Threat Report,” 61 percent of all cyber attacks are aimed at small businesses. This is because small businesses typically have less sophisticated security measures in place than large enterprises, making them an easier target.
The State of Cyber Attacks During Covid Pandemic
As the world deals with the Covid pandemic, a new threat has arisen in the form of cybercrime. Cyber attacks are on the rise, and businesses and individuals are increasingly vulnerable to them.
According to the U.N. disarmament chief, 600% increase in Cybercrime due to the COVID-19 pandemic as the world moves toward increased technological innovation as a result of covid-19 pandemic, reported by Apnews.
Furthermore, in 2021 the US alone, 1,862 data breaches case were reported that was a 68.05% increase from the previous year 2020.
Here are some key Cyber Crime Increase Statistics
- Cybercrime increased to 600% percent due to the COVID-19 pandemic.
- 1,862 data breaches case were reported IN 2021
- 68.05% increase in cybercrime from 2020 to 2021.
- 43% of cyber attacks are aimed at small businesses.
What Percentage Of Cyber Attacks Are Caused By Human Error
About 91.5% of cyber attacks are caused by human error according to the published data we find from Verizon Data Breaches Investigations Report, Stanford University, IBM, Varnois, Forbes, TechXplore, TheHackernews, Cybernews, Infosecurity-Magazine, ChiefExecutive.
The most common type of mistake is clicking on a malicious link or opening an infected attachment. Other mistakes include entering passwords into fake websites, leaving laptops unsecured in public places, and using the same password for multiple accounts.
Employees are often the weakest link in a company’s security chain, and it’s important to educate them about the dangers of cyber attacks and how to protect themselves from becoming victims.
What Percentage Of Small Businesses Fail After A Cyber Attack?
About 60% of small businesses that suffer a cyber attack will go out of business within 6 months according to the published data we aggregated from Fundera, CybersecurityVentures, CIAB, Idagent, INC, and Nerdsonsite.
This is because small businesses typically don’t have the resources to recover from a cyber attack. They may not have the money to pay for the repairs, and they may not have the manpower to deal with the aftermath.
The best way to protect your business is to invest in cybersecurity measures, such as firewalls and antivirus software. You also need to make sure that you have a data backup plan in place, so you can restore your data if it’s ever compromised.
SMBs are unprepared for a cyber attack.
Smaller businesses tend to place a greater emphasis on marketing and customer service than on technology, which is precisely why they are particularly vulnerable to cyber attacks.
Because small businesses often lack the necessary knowledge and experience to protect themselves from hackers, it should come as no surprise that 70 percent of them are unwittingly putting their customers’ information at risk.
(Keeper Security’s 2019 SMB Cyberthreat Study)
Small Business believe they lack IT security personnel.
Unfortunately, many small businesses and organizations do not have proper information technology security policies in place, which makes them vulnerable to cyber assaults and other forms of fraud.
According to the same report, more than half of small businesses had not recruited an information technology professional or outsourced information technology tasks in the previous year.
With the certainty that cyber assaults will continue to occur, I would advise all small businesses to take appropriate safeguards immediately by keeping their software and hardware up to date and by adopting industry best practices for cybersecurity.
Small Firms are worried about cyber security.
Small firms should be encouraged to take cyber security seriously as a result of these numbers, hopefully. It’s not something that should be ignored or put off until later.
Even if you have a cyber security policy in place, it’s crucial to be cautious and up to date with the latest developments. We must remember that in this day and age of sophisticated attacks and emerging threats, there is no such thing as excessive security.
Small businesses say they have no budget for cyber security.
According to the BBC Small Business Index, a “quieter than expected” economy is partly to blame for a lack of small business cyber security spending.
This is a dangerous sign for SMBs and their kin, considering their vulnerability to cyber attacks is a growing problem.
Weeks to take business to regain access to their data after Malware hit
Data access must be a primary issue for small firms, regardless of their size. Malware has the potential to interrupt operations significantly, and in the case of cyber criminals targeting larger networks, it may even end in a ransom demand.
Small businesses are encouraged to take advantage of security solutions provided by reputable security providers in order to better protect their data and boost the likelihood of their IT network surviving a malware infection.
According to cyber attack statistics, the majority of firms are heavily targeted, and being a small business owner is growing more perilous.
Some of the most common forms of attack involve phishing, malware, and ransomware.
Now that you know the types of attacks your small business can face, you can take steps to protect yourself.
The first thing to do is plan ahead.
The best defense against any type of attack is education but you can also make sure to update all of your company’s security software, from operating systems, antivirus protection to the firewalls on your computers, the cloud backup software you use, backed-up data, the use of strong passwords.
One of the easiest things is to create a safer environment by monitoring your employees’ internet usage, especially if they’re able to access confidential files or obtain sensitive information. If you can lessen the risk of employee compromise, you will be assisting your company in avoiding a larger tragedy in the future.
Where do most cyber attacks come from?
The most common sources of attack come from China, with Russia and Ukraine following in a close second. According to Norton’s data on cyber attacks across forty-one countries, these three locations saw the highest rates of attacks originating from them.
Conversely, cyber attacks are underrepresented in North America and Europe. Among the forty-one nations examined by Norton, only 0.5% originated in the United States; while 1.2% came from the United Kingdom, Germany, or France.
Are small businesses vulnerable to cyber attacks?
In the case of small firms, yes, they are vulnerable to cyber attacks. As a matter of fact, 43 percent of cyber attacks are directed at companies with fewer than 250 people. In addition, 60 percent of small businesses that have a data breach go out of business within six months of discovering the breach.
Cyber attacks have increased in frequency and severity in recent years, affecting small, medium, and large businesses alike—and the small company sector is no exception to this trend.
To be honest, small firms are in some ways more secure than giant corporations because they do not have as much at stake in terms of reputation. However, it is still preferable to take precautionary measures.
Because small businesses often don’t have the same level of security as larger businesses. They may not have the financial resources to engage a full-time information technology staff or to acquire security software, and they may not be as knowledgeable about the latest cyber risks as they should be.
That is why it is critical for small business owners to take precautionary measures to defend their organizations from cyber attacks. The first step a company should take is to become familiar with current cyber attack statistics and determine how best to prepare for such attacks.
Why do small businesses Need cyber security?
Small businesses are in need of cyber security because they may have more sensitive data that can be stolen, such as customer credit card information. In addition, a successful cyber assault on a small organization can cause enormous damage, both financially and in terms of reputation, if it is effective.
A robust password policy, anti-virus software, and teaching employees on how to identify phishing scams are all important actions for small businesses to take to defend themselves from cyberattacks.
What could be the result of a cyber attack on a small business?
Small businesses are particularly vulnerable to cyber attacks because they have a smaller budget for repairing the harm they cause. As a result of cyber attacks, small businesses that are targeted must deal with a variety of losses, including legal fees, loss of reputation, loss of clients, and other consequences.
This makes it vitally critical for small businesses to take precautionary measures to safeguard themselves from cyber attacks.
77 percent of small businesses whose websites were hacked ended up spending between $2,700 and $10,000 to have the problem resolved.
How can businesses prevent cyber attacks?
The possibility of a cyber attack cannot be totally eliminated, but there are several steps that firms may take to reduce the likelihood of one occurring. In order to begin defending your company, you should consider implementing the following strategies:
In addition to ensuring that security updates are installed on computers, keeping log-in credentials secure and not sharing them with anyone, training staff members on how to recognize a phishing attack as well as how to avoid getting malware and adware on their computers, creating password policies for staff members and employees, monitoring network activity for any suspicious activity, as well as encrypting email addresses and documents, are all recommended.