{"id":790,"date":"2023-04-14T08:10:50","date_gmt":"2023-04-14T08:10:50","guid":{"rendered":"https:\/\/dataprot.net\/?p=790"},"modified":"2023-07-14T07:49:08","modified_gmt":"2023-07-14T07:49:08","slug":"small-business-cybersecurity-statistics","status":"publish","type":"post","link":"https:\/\/dataprot.net\/statistics\/small-business-cybersecurity-statistics\/","title":{"rendered":"15 Important Small Business Cybersecurity Statistics"},"content":{"rendered":"\n
Hackers have targeted more small businesses in the last year. As small businesses start using newer technology like cloud computing, they are more at risk of getting attacked by cybercriminals<\/a>. If you are a small business owner, you need to be careful and take steps to protect your business from cyberattacks.<\/p>\n\n\n\n In this article, read about the latest cybersecurity statistics for small businesses. By understanding these statistics, small business owners like you can better prepare themselves against cyber attacks and ensure the safety and security of their operations.<\/p>\n\n\n\n These are the main facts for 2023 related to small businesses and the cyber attacks that affect them:<\/p>\n\n\n\n On a poll commissioned by Intuit Quickbooks<\/a>, small businesses are primarily targeted with malware, representing 18% of all attacks. Phishing comes in second, accounting for 17% of attacks, followed by data breaches at 16%, DDoS at 12%, and malware at 10%.<\/p>\n\n\n\n (Intuit Quickbooks)<\/p>\n\n\n\n Most small business owners know they could be the target of cyberattacks. However, many cannot afford professional IT services; others feel they need more time to improve their cybersecurity or lack the time.<\/p>\n\n\n\n This concern among small business owners is because only some are able or willing to take steps to protect their systems from phishing<\/a> and other forms of cyberattacks<\/a>. As a result, it is not surprising that a large majority (88%) of small business owners believe they are vulnerable to an attack.<\/p>\n\n\n\n (CNBC)<\/p>\n\n\n\n Small businesses, specifically those with fewer than 250 employees, face a greater risk of falling prey to email-based threats such as phishing, spam, and malware. Symantec\u2019s Internet Security Threat Report<\/a> reveals that one email is malicious out of every 323 emails these businesses receive. <\/p>\n\n\n\n The figure may seem insignificant, but it is substantial when the typical office worker gets bombarded with an average of 121 emails daily.<\/p>\n\n\n\n (Symantec)<\/p>\n\n\n\n Small businesses often view cyber insurance as optional compared to other types of business insurance like general commercial liability or workers\u2019 compensation insurance. However, experiencing a cyber attack is a significant factor that prompts businesses to seek cyber coverage. <\/p>\n\n\n\n (AdvisorSmith)<\/p>\n\n\n\n Businesses with less than 500 employees are considered SMBs, and the typical expense of a data breach for these companies is around $3 million per occurrence.<\/p>\n\n\n\n (IBM)<\/p>\n\n\n\n The National Cyber Security Alliance<\/a> of the U.S. discovered that cyber-attacks cause 60 percent of small companies to fail within six months. The Ponemon Institute reports that small businesses spend an average of $690,000 to recover from hacking, while middle-market companies spend more than $1 million.<\/p>\n\n\n\n (National Cyber Security Alliance)<\/p>\n\n\n\n A study reveals that small businesses possess customer data that could be compromised in an attack, including sensitive information like credit card details, social security numbers, bank account information, phone numbers, and addresses. This implies that a business suffers damage when breached, and its customers may also suffer from different forms of identity theft<\/a>, privacy violations, and other related issues. <\/p>\n\n\n\n (Digital.com)<\/p>\n\n\n\n Many assume that cyber attackers would primarily target large corporations. However, huge enterprises typically implement robust cybersecurity protections, making infiltrating them harder. Small businesses’ systems are relatively easy to breach, making them easier targets for cybercriminals.<\/p>\n\n\n\n (CNBC)<\/p>\n\n\n\n Despite acknowledging their susceptibility to cybersecurity attacks, many small business owners anticipate not being hacked in the next 12 months, with 56% showing no concern, including 24% completely unconcerned.<\/p>\n\n\n\n (CNBC) <\/p>\n\n\n\n When cybercriminals attack small businesses, 25% face business losses, potentially caused by missed opportunities, customer distrust, or other factors.<\/p>\n\n\n\n (BullGuard)<\/p>\n\n\n\n Nearly half (47%) of businesses with 50 or fewer employees need a cybersecurity budget. Only a few firms with a budget include a separate budget dedicated to cybersecurity apart from IT spending. Only 8% of small businesses have a formal and dedicated budget to protect themselves against cyberattacks.<\/p>\n\n\n\n (Corvus Insurance)<\/p>\n\n\n\n Employees working at small businesses are at a higher risk of falling prey to social engineering attacks, including tactics like phishing, baiting, quid pro quo, pretexting, and tailgating. The size of small businesses makes them more vulnerable, and they are 350% more likely to be targeted than larger enterprises. <\/p>\n\n\n\n (Barracuda)<\/p>\n\n\n\n Breached companies can suffer far-reaching adverse effects due to critical data loss. The loss of sensitive customer data, such as credit card information, social security numbers, phone numbers, or home addresses, can also expose them to customer lawsuits.<\/p>\n\n\n\n (BullGuard)<\/p>\n\n\n\n In a survey conducted by AdvisorSmith<\/a>, Small businesses only encrypt 17% of their data. Companies and customers are vulnerable to cyber threats without data encryption, making it an essential cybersecurity measure. <\/p>\n\n\n\nCritical Small Business Cybersecurity<\/strong> Stats<\/strong><\/h2>\n\n\n\n
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2023 Cybersecurity for Small Businesses Statistics<\/strong><\/h2>\n\n\n\n
1. The most prevalent type of threat for SMBs is malware, which accounts for 18% of attacks.<\/strong><\/h4>\n\n\n\n
2. 88% of SMB owners believe their businesses are susceptible to cyber-attacks.<\/strong><\/h4>\n\n\n\n
3. Malicious emails targeting small businesses occur at a rate of one in 323. <\/strong><\/h4>\n\n\n\n
4. 72% of small businesses only purchased cyber insurance after experiencing a cyberattack or hearing about it. <\/strong><\/h4>\n\n\n\n
5. On average, SMBs face a cost of almost $3 million per data breach incident.<\/strong><\/h4>\n\n\n\n
6. Cyber attacks force 60% of small companies out of business within six months.<\/strong><\/h4>\n\n\n\n
7. A cyberattack could compromise the customer data of 87% of small businesses.<\/strong><\/h4>\n\n\n\n
8. Approximately 43% of all data breaches are aimed at small businesses.<\/strong><\/h4>\n\n\n\n
9. Most (56%) small business owners are not concerned about experiencing a hack within the following year.<\/strong><\/h4>\n\n\n\n
10. Among small business owners targeted in a cyberattack, 25% suffered losses in their business.<\/strong><\/h4>\n\n\n\n
11. 47% of small businesses with less than 50 employees need a budget for cybersecurity. <\/strong><\/h4>\n\n\n\n
12. Employees of small businesses experience social engineering attacks 350% more frequently. <\/strong><\/h4>\n\n\n\n
13. 40% of small businesses experienced the loss of essential data during cyberattacks.<\/strong><\/h4>\n\n\n\n
14. Only 17% of small businesses implement data encryption.<\/strong><\/h4>\n\n\n\n