Key Cybersecurity Statistics for Small Businesses

Our mission is to make cybersecurity accessible to all because the sad truth is that no one is safe. This is especially true for small businesses that have often surprisingly valuable assets but lack the resources to invest in securing them, only taking Cybersecurity seriously when it’s usually too late.

I know this all sounds very doom and gloom, but knowledge is power and awareness allows business to get ahead and cease being easy targets.

Still think you’re too small to be on a cybercriminal’s radar?

The Prevalence of Attacks

1. According to a report by Verizon, 43% of cyber attacks target small businesses.

2. The Ponemon Institute reports that 66% of small businesses experienced a cyber attack in the last year.

The Impact of Attacks

1. The average cost of a data breach for small businesses is $8,300, according to insurance carrier Hiscox. This kind of financial hit can be devastating for a small business.

2. Beyond the financial cost, a cyber attack can also lead to significant downtime. On average, small businesses lose 50 hours due to IT downtime each year, as reported by Datto.

3. According to the National Cyber Security Alliance, 60% of small businesses that are hit by a cyber attack go out of business within six months.

The Importance of Preparedness

1. Despite the risk, many small businesses are not adequately prepared. A survey by the Small Business Authority found that 47% of small businesses do not have a formal cybersecurity plan in place.

2. The same survey found that 67% of small businesses believe a cyber attack is unlikely. This false sense of security can leave businesses vulnerable.

These statistics underscore the importance of robust cybersecurity measures for small businesses. Investing time in cybersecurity not only protects your business and your customers, but it can also save you significant costs in the event of an attack. Remember, when it comes to cybersecurity, prevention is always better than cure.

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