Small businesses are the most likely type of business to get cyber attacks. In fact, about 60% of small businesses close their doors within six months of a cyberattack according to the published data we aggregated from Fundera, CybersecurityVentures, CIAB, Idagent, INC, and Nerdsonsite.
This is because small businesses often do not have the resources to recover from an attack, and they also do not have the same level of security as larger businesses. Additionally, many small business owners are not educated on how to protect their business from a cyberattack, which leaves them vulnerable to hackers.
We will answer some key questions about what percentage of small businesses fail after a cyber attack and some of the important facts.
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.
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How Many Businesses Fail After A Cyber Attack?
About 9.29 million businesses will close within 6 months of a cyber attack according to our calculation from a recent analysis report. This number is staggering, and business owners need to take the necessary precautions to protect their companies from becoming a statistic.
Cyber attacks can come in many different forms, but the most common type is a ransomware attack. In a ransomware attack, the hacker will encrypt all of the data on the victim’s computer and then demand payment to unlock the encryption.
The easiest method to safeguard your company from a ransomware assault is to invest in cybersecurity software and train all staff on how to identify a phishing email. You should also have a backup plan in place to restore your data if it is ever hacked.
How Long Does It Take A Company To Recover From A Cyber Attack
Although it varies from company to company, in most cases it takes about one to two weeks for a company to recover from a cyber attack, as reported by Alavaka.
This amount of time is necessary for companies to sufficiently assess the damage that has been done, develop and implement a plan to address the issue, and then put that plan into action.
Furthermore, not all businesses can recover from a cyber assault; some may be forced to declare bankruptcy or even dissolve as a result.
Which Type Of Businesses Are The Most Likely To Be The Target Of A Cyberattack?
Cyberattacks are often carried out with the intent of stealing information or money from businesses. So businesses that handle sensitive financial information, like banks and credit unions, are more likely to be targeted by cybercriminals, as reported by RedTeamSccure and Graphus.ai.
Other businesses that are commonly targeted include:
– Financial institutions
– Utilities
– Retail stores
What are the consequences of a cyber attack?
The consequences of a cyber attack can be devastating for a small business. Not only can it lead to financial loss, but it can also damage the business’s reputation and cause customers to lose trust in the company.
In some cases, a cyber attack can even force a small business to close its doors for good. This is why it’s so important for small businesses to invest in cybersecurity measures and make sure that they have a plan in place to recover from an attack.
Here is a list of some of the consequences of a cyber attack
– Financial loss
– Damage to reputation
– Customers lose trust
– Forced to close doors
– Bankruptcy
– Loss of data
Final Words
No business is safe from the threat of a cyber attack, but small businesses are at particularly high risk. This is because they often don’t have the resources to recover from an attack.
The best way to protect your small business is to invest in cybersecurity measures, such as firewalls and antivirus software. You should also have a data backup plan in place so you can restore your data if it’s ever compromised. Cyber attacks can be disastrous, but by taking the appropriate steps, you can help keep your company safe.
FAQs
How Many Businesses Go Out Of Business After A Cyber Attack?
About 9.29 million businesses go out of business every year after a cyber attack.
