A company does not have to be a huge corporation or a treasure trove of sensitive data to become a target for a cyber-attack. Small businesses can get hit too and in fact, statistics show that they account for at least 58% of the major data breaches that happened recently.
We were able to compile a list of cybersecurity statistics that will give you a better idea of the current threat landscape which will hopefully give you a bigger picture of how an unsecured company will fare nowadays.
1. There Had Been a 424% Increase in New Data Breaches on Small Businesses in 2018
The cybersecurity organisation, 4iQ, mentioned in their 2019 Identity Breach Report that cybercriminals focused on small businesses at an abnormal rate in 2018 – which is more than a 400% increase compared to a year before.
2. 83% of SMBs Don’t Have the Finances to Deal with a Cyber Attack
A survey by InsuranceBee showed that out of 1,300 SMB owners, 80% of them lack the funds to deal or even recover from a data breach. For those that have reportedly put aside money to handle such an incident (just 17%), only a few considered the legal costs they are going to face if an attack happens.
3. The Cost of an Average Cyber Attack is $3 Million
There are many things to consider with regards to calculating the costs one can incur from a successful cyber attack. This includes the cost of any data that may have been lost, the ransom that needs to be paid, downtime, non-compliance penalties, legal fees and possibly even lawsuits. A report by The Keeper Security and Ponemon Institute states that the downtime alone accounts for approximately $1.56 million.
There is also the incident of the AMCA data breach which supposedly paid $4.2 million in reporting the breach, $3.8 million for notifications and that’s even before lawsuits and other penalties.
4. Small Businesses Experience More Than 8 Hours of Breach Downtime
The 2018 Security Capabilities Benchmark Study by Cisco revealed that about 40% of midmarket organisations with 250-499 employees had at least eight or more hours of system downtime as a result of a significant security breach.
5. 1 in 300 Emails Sent to Small Businesses are Malicious
The 2019 Internet Security Report by Symantec showed that employees from small companies had a higher probability of being targeted by email spam, phishing and malware compared to those from larger organisations.
6. 92% of Malware Attacks are Done via Email
We all know that spam emails can be dangerous a long time ago, and these suspicions have finally been confirmed. You see, attackers today see email as a direct way to target the weakest link in any company – the end-users. Aside from that, the malicious emails we have now are so different from the easily recognisable spam observed years ago.
In most of these cases, malicious email tactics are reliant in tricking people into downloading attachments. Some of the most popular attachment files include those from Office as they aren’t usually blocked by email filters. In fact, 48% of malicious email attachments are made up of Office files.
7. 84.5% of Ransomware Infections in 2018 Started from Remote Desktop Protocol
Although email may be a popular vector for attacks overall, when talking about ransomware specifically, most of the infections happen with an exploit using Remote Desktop Protocol or RDP.
RDP is a product of Microsoft which enables users to connect with other machines remotely. It is mainly used for legitimate purposes, but it simply is vulnerable to brute-force attacks. When it is successfully cracked, all accounts that have been compromised are easily taken advantage of. There are even stories where these accounts have been sold on places like the dark web.
8. Cybersecurity Market Sits at $300 Billion
Global Market Insights released its 2019 study which indicates that they predict the cybersecurity market to be a $300 billion industry by the year 2024. In fact, it appears that the actual number may be even higher especially with the technological advances we will be having. And although there are many cybersecurity tools that can be bought at low prices, there are also numerous predators that are masked as utility tools.
9. 60% of Small Businesses Stop Operating Within 6 Months After a Cyber Attack
You’ve seen the statistics in cybersecurity where malicious attacks can be quite devastating, and this is especially true for SMBs. Unfortunately for small companies, such an attack can prove to be fatal if successful. Nearly 2/3rds of small businesses that experienced a security breach have gone out of business in just less than a year. This is primarily caused by the heavy expenses they incurred.
10. Only 38% of Small Business Update Their Security Software Regularly
Although a cyber attack is a serious problem which can turn out to be quite costly, there are still many small businesses that fail to keep their security measures updated. When you are upgrading your protective software on a regular basis, you are staying on top of the new trends in cybercrime. This can help prevent a data breach which can spell the end for many small firms.
With the wide range of attacks and delivery methods threat actors can pursue nowadays, these statistics in cybersecurity just shows that small businesses need to keep up in order to continue operating. By taking a more proactive approach and staying updated on technology and trends, companies will be able to stay ahead of these cybercriminals and protect not only their data but also their customers.
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