10 Small Business Cyber Security Statistics
The world wide web has brought numerous benefits to the world, including technological advancements and unimaginable global connections. Unfortunately, it has also led to the rise of cybercrimes that can have detrimental effects. Recent Juniper research revealed that in 2019, such cybercrimes resulted in losses of approximately $2 trillion.
While small business owners might think that larger corporations are more at risk for website hacks, that notion is not true. Small businesses account for more than half (58%) of cyberattacks. Indeed, small businesses are ideal targets for cyber-attacks because they often lack the mechanisms to protect themselves from cybercrimes. Below are some quick stats that emphasize the importance of cybersecurity for small businesses.
A Quick Overview of the Cyberattack Concern
- 54% of small enterprises perceive themselves as too small for cyberattacks.
- Only 14% of small businesses can mitigate cyber risks and vulnerabilities—with 47% lacking the understanding to protect themselves from cyberattacks.
- New cyberattacks targeting small businesses increased by 424% this year.
- Six months after a cyberattack, 60% of small enterprises go out of business. This outcome arises mainly because small businesses spend significant amounts of money remediating the cyber-attack coupled with reputational damage and downtime.
- Cybercrimes cost small businesses around $2.2 million annually.
- Out of all cybercrimes perpetrated in the US, only 10% are reported. Many companies do not report cybercrimes due to a lack of evidence and fear of reputational damage.
- Only 25% of small businesses have cyber risk insurance. 75% lack coverage.
- Acts of malicious intent account for 48% of data breaches.
- Cybercrime will cost $6 trillion by 2021.
These statistics show the shocking truth about small businesses’ vulnerability to cyberattacks. As cybercriminals continue to target small businesses, it’s important to play an active role in protecting your small business from these unchecked and harmful attacks.
At Igniting Business, we offer three different ongoing security packages designed to thwart common cyber-attacks on your small business website and keep your small business running successfully. To learn more about which security package is right for your small business, contact us today!