Small Business Website Security – Balancing Costs and Consequences
Many small businesses struggle with the website security paradox. With limited budgets and security knowledge, many small businesses are left open to cyberattacks which, in turn, often cause financial losses. This paradox poses the question: why should a small business spend its limited resources on cybersecurity that cannot guarantee an unbreachable infrastructure? Many small business owners believe their business data is of limited value to cyber criminals, so they are unlikely to experience a cyberattack. However, this notion is not true, as small businesses often act as low-hanging fruit when it comes to hack attempts.
Small Business Web Security Statistics
Check out these web security statistics your small business should consider.
- 60% of small companies go out of business within six months of a successful cyberattack.
- A successful cyber incident costs a business $200,000 on average.
- Over 50% of small businesses suffered a cyberattack in the last year.
In addition, hackers strike every 39 seconds, which means it isn't a matter of if but when a small business’ cyber defenses will be tested.
A poorly protected website opens the door to ransomware attacks, which saw a surge of 77% in 2019. A recent report found that ransomware attacks were the leading malware threat to small businesses. Another type of attack, distributed denial of service, occurs every four seconds. That doesn't include phishing, business email compromises, or brute force breaches.
The Importance of Protecting Your Small Business Website
Depending on the type of cyberattack, small businesses may have to curtail operations until the attack can be contained. A recent survey found that it takes about 50 days to fix vulnerabilities in internet-facing web applications. What is more devastating is the damage to a company's reputation. According to an IBM study, the most costly element of a cyberattack is the loss of customers and the corresponding decline in business.
At Igniting Business, we’re here to help resolve your website security paradox, offering affordable ongoing website security packages to keep your small business protected. To learn more about our web security services, or to schedule a free consultation, contact us today!